- CFA Exams
- CFA Level I Exam
- Topic 4. Financial Statement Analysis
- Learning Module 2. Analyzing Income Statements
- Subject 4. Non-Recurring Items
CFA Practice Question
For pre-2016 reporting under GAAP, transactions and events that are unusual in nature and infrequent in occurrence and material in amount are known as ______.
B. discontinued items
C. extraordinary items
A. prior year adjustments
B. discontinued items
C. extraordinary items
Correct Answer: C
Transactions and events that are unusual in nature and infrequent in occurrence and material in amount are known as "extraordinary items" for pre-2016 reporting (GAAP).
User Contributed Comments 1
| User | Comment |
|---|---|
| davcer | And is the key |