The phrase events and transactions that are distinguished by both their unusual nature and their infrequency of occurrence describes:
A)Changes in accounting principles
B)Prior period adjustments.
C)Extraordinary items
D)Prior period adjustments

Question

Quizplus · Accepted Answer

The phrase "unusual nature and infrequency of occurrence" is used to describe extraordinary items. Extraordinary items are events or transactions that are not expected to occur frequently and are considered unusual in nature. This can include things like natural disasters, expropriation of assets, or gains/losses from discontinued operations.

The Phrase Events and Transactions That Are Distinguished by Both