CFA Practice Question

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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 ______.

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).

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