Multiple Choice
Which of the following is never classified as an extraordinary item?
A) Losses from a major casualty.
B) Losses from an expropriation of assets.
C) Gain on a sale of the only security investment a company has ever owned.
D) Losses from exchange or translation of foreign currencies.
Correct Answer:

Verified
Correct Answer:
Verified
Q20: Manning Company has the following items: write-down
Q21: Companies frequently report income tax expense as
Q22: Revenues and gains increase both net income
Q23: A review of the December 31, 2014,
Q24: Which of the following is not an
Q26: Discontinued operations, extraordinary items, and unusual gains
Q27: Which of the following is an example
Q28: Both IFRS and U.S. GAAP allow for
Q29: The following information was extracted from the
Q30: Both U.S. GAAP and IFRS discuss income