Extraordinary Items

question 9

Multiple Choice

Extraordinary items:

• A) Include very large gains or losses from ordinary business activities.
• B) Are items that are both unusual in nature and occur infrequently.
• C) Are shown on the income statement before the tax effect.
• D) Include the write-down of obsolete inventories.

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Definitions:

Data Integrity Policies

Guidelines and practices aimed at ensuring the accuracy, completeness, and reliability of data throughout its lifecycle.

Profitability

A measure of the efficiency and financial success of a business, indicated by the net income over a specific period relative to its revenues.

Organizational Operating Surplus

The excess of revenues over operating expenses within an organization, indicating financial health and efficiency.

Accounting

the systematic process of recording, analyzing, and reporting financial transactions for a business or individual.