A material loss is not a component of current period income from continuing oper

Question

A material loss is not a component of current period income from continuing operations when it is A. An effect of change in accounting estimate. B. An item infrequent in occurrence and unusual in nature. C. A cumulative effect change in accounting principle. D. An item infrequent in occurrence but not unusual in nature. A material loss is not a component of current period income from continuing operations when it is A. An effect of change in accounting estimate. B. An item infrequent in occurrence and unusual in nature. C. A cumulative effect change in accounting principle. D. An item infrequent in occurrence but not unusual in nature.

Explanation / Answer

Option B is correct

A material loss Is not a component of current period income from continuing operations when it is an infrequent in nature and unusual in occurrence.

It should be shown separately other than from continuing operations as income from extraordinary items

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