Extraordinary Items Are Defined as Those That Are Both Unusual

question 80

True/False

Extraordinary items are defined as those that are both unusual in nature and infrequent in occurrence. These items are disclosed, net of tax in the income statement.

---

Definitions:

Minimum Wage

The lowest legal wage that can be paid to most workers.

Unskilled Workers

Laborers who have limited or no special skills or training, often employed in relatively simple tasks.

Difficult Time

A period characterized by challenges, adversities, or hardships that individuals, groups, or entities face.

Quantity Controls

Government-imposed limits on the amount of a good that can be produced or sold in a market.