Unformatted text preview: the segment, are reported separately from the remaining, continuing operations. Extraordinary items are events that occur infrequently and are unusual. They can include acts of God as long as they rarely occur in the area where the business operates. Events that would not be extraordinary as they occur regularly, although not yearly, are a severe freeze effecting crops in Florida or an earthquake in southern California. A change in accounting principle occurs when a company changes from one acceptable principle to another. The new principle is used to calculate the current year's amounts in the financial statements. The effect of the change on any prior years' amounts is shown separately in the income statement, net of taxes....
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This note was uploaded on 11/15/2011 for the course ACCT 2310 taught by Professor Staff during the Spring '09 term at Texas State.
- Spring '09
- Income Statement