Multiple Choice
Which of the following statements is true regarding extraordinary items on the income statement?
A) U.S.GAAP prohibits the presentation of extraordinary items on the income statement.
B) IFRS prohibits the presentation of extraordinary items on the income statement.
C) U.S.GAAP allows extraordinary gains and losses on the balance sheet.
D) IFRS allows the classification of gains and losses on the income statement as
Extraordinary as long as long as they are both unusual in nature and infrequent in occurrence.
Correct Answer:
Verified
Correct Answer:
Verified
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