If an item is unusual but not infrequent it is:
A)reported net of tax as Other Gains and Losses.
B)reported at its gross amount as Other Gains and Losses.
C)disclosed as a note to the financial statements.
D)reported as an extraordinary item.

Question

Quizplus · Accepted Answer

Unusual items that are not infrequent are typically reported at their gross amount as Other Gains and Losses in the income statement, rather than being reported net of tax or as extraordinary items.

If an Item Is Unusual but Not Infrequent It Is