Which of the Following Would Appear as an Unusual Item
Which of the following would appear as an unusual item on the income statement?
A) loss resulting from the sale of fixed assets
B) gain resulting from the disposal of a segment of the business
C) presentation of earnings per share
D) stock split
A loss on disposal of a segment would be reported in the income statement as a(n)
A) administrative expense
B) other expense
C) deduction from income from continuing operations
D) selling expense
Which of the following is not an unusual item?
A) a segment of the business being sold
B) corporate income tax being paid
C) a change from one accounting method to another acceptable accounting method
D) closure of all outlet stores
Which of the following is considered an unusual item affecting the prior period's income statement?
A) a change in accounting principles
B) fixed asset impairments
C) sale of company stores in Florida
D) discontinued operations