The Types of Nonrecurring Items That Must Be Separately Stated

question 73

Multiple Choice

The types of nonrecurring items that must be separately stated on an income statement include:

• A)gains or losses on equipment sales.
• B)gains or losses on discontinued operations.
• C)changes in expenses associated with a tax change.
• D)all of the above.

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Definitions:

Guesses

Estimations or predictions made without sufficient information or evidence.

Misinformation Effect

The phenomenon whereby memories become distorted by exposure to misleading information after an event has occurred.

Memory Construction

The process by which the brain creates memories, not just by recalling but also by piecing together various fragments of information.

Dynamics

The branch of physics concerned with the study of forces and their effects on motion.