For an Event or Transaction to Be Classified as an Extraordinary

question 102

Multiple Choice

For an event or transaction to be classified as an extraordinary item in the income statement, it should be

• A)infrequent and material, but it need not be unusual in nature
• B)unusual in nature and material, but it need not be infrequent
• C)unusual in nature, infrequent, and material
• D)unusual in nature and infrequent, but it need not be material

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Definitions:

Re-election

The act of being elected again to a political position that one has previously held.

High Tariffs

High Tariffs are taxes imposed on imported goods to protect domestic industries from foreign competition, raise government revenue, and/or retaliate against unfair trade practices by other countries.

Republican Policies

Policies favored by the Republican Party in the United States, often emphasizing limited government, low taxes, free market capitalism, and a strong national defense.

Plantation Workers

Laborers who work on plantations, historically often under conditions of servitude or slavery, cultivating crops such as sugar, cotton, and tobacco.