Q 5-3 - Q5-3 For an event to be accurately categorized as...

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Unformatted text preview: Q5-3 For an event to be accurately categorized as an extraordinary item it has to meet a certain criteria. It has to be of unusual nature and of infrequent occurrence, meaning that it possesses a high degree of abnormality and its reoccurrence is not expected in the foreseeable future (Easton, Halsey, McAnally, Hartgraves, & Morse, 2010). One example of an extraordinary item would be damages and losses suffered by several industrial buildings in Cataño, Puerto Rico when an oil refinery exploded back in 2009. Losses caused by a labor strike on the other hand should not be considered an example of extraordinary items. References: Easton, P., Halsey, R., McAnally, M., Hartgraves, A. & Morse, W. (2010). Financial & Accounting for MBAs. Canada: Cambridge Business Publishers. http://www.accountingcoach.com/online-accounting-course/08Xpg02.html Managerial ...
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This note was uploaded on 04/06/2012 for the course FINANCE 410 taught by Professor N/a during the Spring '09 term at AIU Online.

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