Which of the Following Items Should Be Classified as an Extraordinary

question 149

Multiple Choice

Which of the following items should be classified as an extraordinary item on a corporate income statement?

• A) gain on the retirement of a bond payable
• B) loss from land condemned for public use
• C) loss due to an discontinued operation
• D) selling treasury stock for more than the company paid for it

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Definitions:

Euphoria

A state of intense happiness and self-confidence.

Cognitive Dissonance

A psychological phenomenon where an individual experiences discomfort due to holding contradictory beliefs or values.

Emotional Excesses

Extreme expressions or experiences of emotions that are disproportionate to the situation or stimuli eliciting them.

Comorbidity

The presence of two or more diseases or medical conditions in a patient simultaneously.