Briefly Define Extraordinary Items and Explain How They Are Reported

question 82

Essay

Briefly define extraordinary items and explain how they are reported.

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Definitions:

Ratify

To officially approve or confirm, often used in the context of validating agreements or contracts.

Actual Authority

The power that an agent or representative has been formally given by a principal to conduct specific acts.

Apparent Authority

Apparent Authority deals with the perception by a third party that an agent has the power and authority to act on behalf of the principal, even if such authority hasn't been explicitly granted.

Time

In a general sense, it refers to the continued sequence of existence and events occurring in an irreversible succession from the past, through the present, to the future.