Which of the following is not a characteristic of extraordinary items reported on the income statement?
A) appear near the end of the income statement
B) reported separately from continuing operations
C) shown net of tax effects
D) is shown as a combined amount with discontinued operations

Question

Quizplus · Accepted Answer

Extraordinary items are reported separately from continuing operations and are shown net of tax effects. They appear near the bottom of the income statement, but they are not shown as a combined amount with discontinued operations. Discontinued operations are a separate category on the income statement and include gains or losses from the disposal of a business segment.

Which of the Following Is Not a Characteristic of Extraordinary