Classification as an extraordinary item on the income statement would be appropriate for the
a. gain or loss on disposal of a component of the business.
b. substantial write-off of obsolete inventories.
c. loss from a strike.
d. none of these.
Answer: d. none of these.
Business
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An emergency reserve is held for transactions purposes
Indicate whether the statement is true or false.
Business
When inventory is sold by a wholesaler or retailer, it is recorded in a different account on the income statement than a manufacturer would use
a. True b. False Indicate whether the statement is true or false
Business