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.

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Definitions:

Semantic Features

The components of meaning that characterize a word or phrase, distinguishing it from others.

Elementary Concepts

Fundamental ideas or principles that form the basis of a subject or topic.

Ambiguity

The quality of being open to more than one interpretation; an unclear, uncertain, or imprecise condition or character.

String of Words

A sequence of words in a particular order, often forming a sentence, phrase, or part of language study.