In Regards to Extraordinary Items,which of the Following Statements Is

question 128

Multiple Choice

In regards to extraordinary items,which of the following statements is not correct?

• A)Losses due to lawsuits do not qualify as extraordinary.
• B)An extraordinary gain is reported the same as a loss - net of the income tax effect.
• C)Taking of a company assets by a foreign government are generally considered to be extraordinary items.
• D)Extraordinary items are reported separately from continuing operations because of their infrequent and unusual nature.

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Definitions:

Dolphin

A highly intelligent marine mammal known for its playful behavior, echolocation abilities, and complex social structures.

Homo Habilis

An extinct species of early human that lived around 2.4 to 1.4 million years ago, known for its use of stone tools.

Primates

An order of mammals that includes humans, apes, monkeys, and prosimians, characterized by a large brain, forward-facing eyes, and opposable thumbs.

Upright

Upright refers to an orientation or position in which something is situated vertically and straight relative to the ground or normal direction of gravity; often used to describe the posture of humans and objects.