Which of the following is considered an unusual item affecting the prior period's income statement?
A) a change in accounting principles
B) fixed asset impairments
C) an extraordinary item
D) discontinued operations

Question

Quizplus · Accepted Answer

A change in accounting principles would affect the prior period's income statement as it requires the retroactive adjustment of previously reported financial statements. Fixed asset impairments, extraordinary items, and discontinued operations are all items that would be reported in the current period's income statement.

Which of the Following Is Considered an Unusual Item Affecting