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Reported on a company''s income statement

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Reference no: EM13874325

Generally accepted accounting principles identify two narrow criteria that must be met in order for an event or a transaction to be classified as an extraordinary item.

Required:

1. Identify and explain each criterion.

2. Develop examples of events that might be extraordinary to one company but not extraordinary to another, such as:
a. An earthquake
b. A flood
c. A tornado
d. A severe frost
Justify your reasoning.

3. Explain how the following are reported on a company's income statement:
a. An extraordinary item
b. An event or a transaction that does not meet both criteria

Reference no: EM13874325

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