Which of the following would appear as an extraordinary 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) loss from land condemned for public use
D) liquidating dividend

Question

Quizplus · Accepted Answer

Extraordinary items are events that are both unusual and infrequent. A loss from land condemned for public use is considered extraordinary because it is not a regular business activity and is not expected to recur frequently.

Which of the Following Would Appear as an Extraordinary Item