A loss from embezzlement by an employee could be classified as an extraordinary item.

Name: A loss from embezzlement by an employee could be classified as an extraordinary item.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Extraordinary items are no longer classified as such under current accounting standards (e.g., U.S. GAAP). Embezzlement losses would typically be considered as part of ordinary business operations, despite being unusual or infrequent.

A Loss from Embezzlement by an Employee Could Be Classified