An adjustment to income due to an extraordinary item is regarded as

Name: An adjustment to income due to an extraordinary item is regarded as
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Extraordinary items are events or transactions that are both unusual and infrequent in nature. These are one-time events that are not expected to continue in the future, which means their impact on income is transitory rather than permanent. Therefore, an adjustment to income due to an extraordinary item is regarded as transitory earnings.

An Adjustment to Income Due to an Extraordinary Item Is