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Financial Accounting
?
When reporting extraordinary items,
Each item (net of tax) is presented on the face of the income statement separately as a component of net income for the period.
Each item is presented exclusive of any related income tax.
Each item is presented as an unusual item within income from continuing operations.
All extraordinary gains or losses that occur in a period are summarized as total gains and total losses, then offset to present the net extraordinary gain or loss.
Show Result
Correct
- Your answer is correct.
Wrong
- Your answer is wrong.
Detailed Answer
Answer (A) is correct. Extraordinary items are reported net of tax after discontinued operations.
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