To Qualify as an Unusual and Infrequent Item,a Gain or Loss

question 86

Multiple Choice

To qualify as an unusual and infrequent item,a gain or loss must:

• A)Affect the income of a prior period.
• B)Be larger in amount than any other item in the income statement.
• C)Be material in amount,unusual in nature,and not expected to recur.
• D)Be associated with a segment of the business that has been discontinued during the current period.

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Definitions:

Total Cost

Refers to the complete cost incurred in the production of goods or services, including both fixed and variable costs.

Deer

A wild or domestically raised animal with antlers found in various regions, known for its agility and grace.

Plastic

A synthetic material made from a wide range of organic polymers, such as polyethylene and nylon, that can be molded into shape while soft and then set into a rigid or slightly elastic form.

Wood

A fibrous material made from the trunks and branches of trees, used for construction, paper production, and as a fuel source.