If a material event is either unusual in nature or an infrequent occurrence it is classified on the income statement as a/an

Name: If a material event is either unusual in nature or an infrequent occurrence it is classified on the income statement as a/an
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Question

Quizplus · Accepted Answer

Material events that are unusual in nature or infrequent in occurrence are classified as special items in continuing operations on the income statement. The concept of extraordinary items has been eliminated from U.S. GAAP.

If a Material Event Is Either Unusual in Nature or an Infrequent