The Phrase Events and Transactions That Are Distinguished by Both

question 16

Multiple Choice

The phrase events and transactions that are distinguished by both their unusual nature and their infrequency of occurrence describes:

• A)Changes in accounting principles
• B)Prior period adjustments.
• C)Extraordinary items
• D)Prior period adjustments

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Definitions:

Comparable Pay

A principle of employee compensation that ensures employees doing similar work with similar skills, effort, and responsibilities in the same organization receive similar pay.

Equal Pay

The concept ensuring that employees who perform the same or substantially similar work are compensated equally, regardless of gender, ethnicity, or other non-performance-related factors.

Escalator Clauses

Provisions in a contract that allow for automatic adjustments in certain conditions, such as price or wage increases, based on predefined criteria like inflation rates.