In order to be classified as an extraordinary item in the income statement, an event or transaction should be
A) unusual in nature, infrequent, and material in amount.
B) unusual in nature and infrequent, but it need not be material.
C) infrequent and material in amount, but it need not be unusual in nature.
D) unusual in nature and material, but it need not be infrequent.
Correct Answer:
Verified
Q18: The transaction approach of income measurement focuses
Q19: Comprehensive income includes all changes in equity
Q20: The primary advantage of the multiple-step format
Q21: Which of the following is an example
Q22: The occurrence which most likely would have
Q24: Which of the following is false about
Q25: The occurrence that most likely would have
Q26: The income statement reveals
A) resources and equities
Q27: What might a manager do during the
Q28: The income statement provides investors and creditors
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents