Which of these is generally an example of an extraordinary item?
a. Loss incurred because of a strike by employees.
b. Write-off of deferred marketing costs believed to have no future benefit.
c. Gain resulting from the devaluation of the U.S. dollar.
d. Gain resulting from the state exercising its right of eminent domain on a piece of land used as a parking lot.
Answer: d. Gain resulting from the state exercising its right of eminent domain on a piece of land used as a parking lot.
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Agnes sold her house and purchased stocks and bonds with the proceeds. Upon her death, a will was found giving her house to her best friend, Mildred. What is Mildred entitled to?
A. The stocks and bonds B. The value of the house at the time Agnes died C. The price Agnes received for the house D. Nothing
Given the current divorce rate in the country if one spouse has good credit established, then it is equally important for the other spouse to establish credit in his or her own name
Indicate whether this statement is true or false.