Which of the following items,if material in amount would normally be considered an extraordinary item for reporting results of operations?
A)Utilization of a net operating loss carryforward
B)Gains or losses on disposal of a segment of a business
C)Adjustments of accruals on long-term contracts
D)Gains or losses from a fire

Question

Quizplus · Accepted Answer

Extraordinary items are events that are both unusual and infrequent. A fire, if it is not a common occurrence for the business, would be considered extraordinary.

Which of the Following Items,if Material in Amount Would Normally