A Material Loss Should Be Presented Separately as a Component

question 22

Multiple Choice

A material loss should be presented separately as a component of income from continuing operations when it is

• A) infrequent in occurrence but not unusual in nature.
• B) infrequent in occurrence and unusual in nature.
• C) a cumulative effect-type change in accounting principle.
• D) an extraordinary item.

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Definitions:

Point C

In the context of economic graphs and models, a specific point that can represent a variety of economic outcomes or equilibria depending on the diagram.

Price Elasticity

An indicator of the sensitivity of demand for a product to variations in its price.

Greeting Cards

Printed or digital cards sent to convey messages of greeting, celebration, or other sentiments on special occasions.

Price Elasticity

An indicator of the degree to which consumers' demand for a product is affected by fluctuations in its price, showing how sensitive buyers are to changes in cost.