A Special Item Is a Significant Transaction That Is Unusual

question 32

True/False

A special item is a significant transaction that is unusual or infrequent, but within the control of management.

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Definitions:

Breach of Contract

The violation of any of the agreed-upon terms and conditions of a binding contract.

Defense to Payment

Legal defenses that a debtor may raise to avoid the obligation to pay a debt or claim.

Shareholder Sells

The process whereby an owner of shares in a corporation disposes of their stock to another party.

New Corporation

A business entity that has recently been formed and has obtained legal recognition from the state.