To Qualify as an Extraordinary Item,a Gain or Loss Must

question 13

Multiple Choice

To qualify as an extraordinary item,a gain or loss must:

• A)Affect the income of a prior period.
• B)Be larger in amount than any other item in the income statement.
• C)Be material in amount,unusual in nature,and not expected to recur.
• D)Be associated with a segment of the business that has been discontinued during the current period.

---

Definitions:

Conscious Thinking

The process of being aware of and able to control one's thoughts and cognitive processes.

Emotional Reaction

The complex psychological state that arises spontaneously rather than through conscious effort, often in response to an external stimulus.

Hatred

An intense feeling of dislike or animosity towards individuals or entities, often leading to hostile attitudes or actions.

Love

A profound, complex emotion that encompasses affection, care, and deep attachment towards someone or something.