A Loss from Early Extinguishment of Debt,if Material,should Be Reported

question 33

Multiple Choice

A loss from early extinguishment of debt,if material,should be reported as a component of income

• A)After cumulative effect f accounting changes and after discontinued operations of a segment of a business
• B)After cumulative effect of accounting changes and before discontinued operations of a segment of a business
• C)Income from continuing operations
• D)Before cumulative effect of accounting changes and before discontinued operation s of a segment of a business

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Definitions:

Sole Proprietorship

A business structure where a single individual owns and operates the business, bearing all the business's financial responsibilities and obligations.

Legal Entity

An organization or structure that has legal rights and obligations, including the capability to enter into contracts, sue, and be sued.

Association

An organized group of people who share a common purpose, interest, or activity.

Voluntary

Performed, decided upon, or proceeding from an individual's own choice, without being forced or required to do so.