To be an extraordinary item,an event that produces a gain or loss must be either unusual in nature or infrequent in occurrence.

Name: To be an extraordinary item,an event that produces a gain or loss must be either unusual in nature or infrequent in occurrence.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The statement is incorrect. An event that produces a gain or loss must meet either one of the criteria (unusual in nature or infrequent in occurrence) to be classified as an extraordinary item, not both criteria.

To Be an Extraordinary Item,an Event That Produces a Gain