An Extraordinary Item Must Be Either Unusual in Nature or Infrequent

question 90

True/False

An extraordinary item must be either unusual in nature or infrequent in occurrence.

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Definitions:

Profit-Sharing Plans

An incentive plan in which employees receive a portion of the company's profits, typically allocated based on the company's earnings over a set period.

Deferred Plan

A type of savings plan that allows employees to defer a portion of their income to a later date, typically used for retirement savings.

Current Distribution Plan

The existing strategy for allocating resources, goods, or services among various recipients or locations.

Individual Performance

Individual performance refers to the level at which an employee accomplishes their assigned duties and tasks, often evaluated in the context of their role within an organization.