For an Event or Transaction to Be Classified as an Extraordinary

Multiple Choice

For an event or transaction to be classified as an extraordinary item in the income statement, it should be

A) infrequent and material, but it need not be unusual in nature
B) unusual in nature and material, but it need not be infrequent
C) unusual in nature, infrequent, and material
D) unusual in nature and infrequent, but it need not be material