Which of the following qualifies as an extraordinary item?
A)losses due to employee labor strikes
B)losses due to hurricanes in Florida
C)taking of company assets by an foreign government
D)gain on sale of plant assets

Question

Quizplus · Accepted Answer

Extraordinary items are events that are both unusual and infrequent. The taking of company assets by a foreign government is considered extraordinary because it is not a common occurrence and is outside the normal course of business.

Which of the Following Qualifies as an Extraordinary Item