Which of the following is never classified as an extraordinary item?
A) Losses from a major casualty.
B) Losses from an expropriation of assets.
C) Gain on a sale of the only security investment a company has ever owned.
D) Losses from exchange or translation of foreign currencies.

Question

Quizplus · Accepted Answer

Losses from exchange or translation of foreign currencies are considered part of regular business operations in companies that deal with international transactions. Therefore, they are not classified as extraordinary items, which are supposed to be both unusual and infrequent in nature.

Which of the Following Is Never Classified as an Extraordinary