Items incurred or earned from activities peripheral to normal operations are classified as

Question

Quizplus · Accepted Answer

Items incurred or earned from activities peripheral to normal operations are classified as other revenues and expenses. Extraordinary gains and losses are for events that are both unusual and infrequent, discontinued operations are for the disposal of a significant component of the business, and operating gains and losses are for items directly related to normal operations.

Items Incurred or Earned from Activities Peripheral to Normal Operations