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:

Bending Light Rays

The refraction of light that occurs when its speed changes as it passes from one medium to another, causing the light to change direction.

Fatigue

A state of physical or mental weariness resulting from exertion, reducing efficiency and capacity for work.

Action Potentials

Rapid and temporary electrical impulses that travel across the membrane of nerve cells, facilitating neuronal communication.

Synapse

The junction between two neurons or between a neuron and muscle fiber, where electrical or chemical signals are transmitted.