Which of the Following Qualifies as an Extraordinary Item

question 65

Multiple Choice

Which of the following qualifies as an extraordinary item?

• A)losses due to employee labor strikes
• B)losses due to hurricanes in Florida
• C)taking of company assets by an foreign government
• D)gain on sale of plant assets

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Definitions:

Marginal Utility

The added utility or pleasure derived by a consumer from consuming another unit of a good or service.

Additional Satisfaction

The joy or utility gained from consuming one more unit of a good or service.

Diminishing Rate

A principle stating that as one factor of production increases, while others stay constant, the resulting increase in output will eventually decrease.

Total Utility

The entire pleasure derived from using a certain total volume of a good or service.