Which of the Following Is Considered an Unusual Item Affecting

question 105

Multiple Choice

Which of the following is considered an unusual item affecting the prior period's income statement?

• A) Change in accounting principles
• B) Fixed asset impairments
• C) Extraordinary item
• D) Discontinued operations

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Definitions:

Protective Tariffs

Taxes imposed on imported goods to protect domestic industries from foreign competition by making the imported goods more expensive.

Domestic Producers

Manufacturers or providers of goods and services within a country's own borders, as opposed to foreign producers.

Equilibrium World Price

The price at which the quantity of a good demanded globally equals the quantity supplied across the world, without any trade barriers.

Domestic Quantity Supplied

the total amount of a good or service that producers in a domestic market are willing and able to supply at a given price level.