Which of the Following Is True with Respect to Extraordinary

question 31

Multiple Choice

Which of the following is true with respect to extraordinary items?
I. Extraordinary items are recorded net of tax in income statement.
II. Extraordinary items, by definition, are probable and unusual in nature.
III. By definition, gains and losses from strikes are always extraordinary.
IV. By definition, gains and losses from sale of plant, property and equipment are never extraordinary.

• A) I and IV
• B) I, III and IV
• C) II and IV
• D) I, II and III

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Definitions:

New System

A recently implemented set of procedures, technologies, or methods designed to replace or improve upon an existing setup.

First Evaluation

A preliminary assessment or examination, often used to gauge initial performance or progress.

Implementation

The process of putting a decision or plan into effect; execution.

Information Technology

The use of computers, storage, networking, and other physical devices and infrastructure to create, process, store, secure, and exchange all forms of electronic data.