The required approach for handling extraordinary items in interim reports is to
A. Prorate them over all four quarters.
B. Prorate them over the current and remaining quarters.
C. Charge or credit the loss or gain in the quarter that it occurs.
D. Disclose them only in the notes.
Answer: C. Charge or credit the loss or gain in the quarter that it occurs.
Business
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Patents, trademarks and copyrights are designed to protect _____ property.
Fill in the blank(s) with the appropriate word(s).
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Which of the following is true of trading investments?
A) They are held for more than two years. B) They are generally recorded as long-term investments. C) They must be adjusted and reported at fair value at the end of each accounting period. D) They are always reported on the balance sheet at their historical cost.
Business