Which of the Following Is Not a Characteristic of Extraordinary

question 90

Multiple Choice

Which of the following is not a characteristic of extraordinary items reported on the income statement?

• A) appear near the end of the income statement
• B) reported separately from continuing operations
• C) shown net of tax effects
• D) is shown as a combined amount with discontinued operations

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Definitions:

Promoter

A person who begins the corporate creation and organization process.

Incorporated

The process of legally declaring a corporate entity separate from its owners, providing protection from personal liability and other benefits.

Debt Securities

Financial instruments representing money borrowed that must be repaid, such as bonds or notes.

Bonds

Financial instruments representing a loan made by an investor to a borrower, typically corporations or governmental entities, which pays back with interest.