If an item meets one (but not both) of the criteria for an extraordinary item, it
A)only needs to be disclosed in the footnotes of the financial statements.
B)may be treated as sales revenue (if it is a gain) and as an operating expense (if it is a loss).
C)is reported as an "other revenue or gain" or "other expense and loss," net of tax.
D)is reported at its gross amount as an "other revenue or gain" or "other expense or loss."

Question

Quizplus · Accepted Answer

The Answer of If an item meets one (but not both) of the criteria for an extraordinary item, it
A)only needs to be disclosed in the footnotes of the financial statements.
B)may be treated as sales revenue (if it is a gain) and as an operating expense (if it is a loss).
C)is reported as an "other revenue or gain" or "other expense and loss," net of tax.
D)is reported at its gross amount as an "other revenue or gain" or "other expense or loss."

If an Item Meets One (But Not Both) of the Criteria