How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items
Question:
How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items to FASB requirements.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
Extraordinary items are both unusual in nature and infrequent in occ...View the full answer
Answered By
Seema kuldeep
although I don't have an experience of teaching in a particular institute, previously I was an expert on Chegg and I have used to teach my batch mates and also my juniors.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
Question Posted:
Students also viewed these Business questions
-
Define extraordinary items.
-
Define extraordinary items. Why should they be reported separately on the income statement?
-
How are extraordinary items reported on an interim basis?
-
I t was Swiss hotelier Csar Ritz, founder of the Parisian Htel Ritz back in 1898, who coined the familiar phrase the customer is always right. For the modern hospitality manager who must constantly...
-
The Earth has a vertical electric field with a magnitude of approximately 100 V/m near its surface. What is the magnitude of the potential difference between a point on the ground and a point on the...
-
General Hospital leases its diagnostic equipment from Normed Leasing, which is also responsible for maintaining the equipment. Recently the hospitals MRI machine needed repair and physicians were...
-
Since the Exxon Valdez incident brought surface contamination to the evening news, the press has been replete with references to environmental disasters, making most everyone conscious of the...
-
Shown below is the liabilities and stockholders' equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company. Each has assets totaling $4,200,000. For the year each...
-
Carl wants to take out $2,800 each month to live off of for his retirement. He takes out $2800 every month for 25 years. How much money must be in the account for him to do this? The account earns...
-
Celic SA manufactures and sells computers that include an assurance- type warranty for the first 90 days. Celic offers an optional extended coverage plan under which it will repair or replace any...
-
Discuss the different ways in which depreciation expense might be reported on the statement of activities.
-
Explain the difference between a program revenue and a general revenue. Why does the GASB require this distinction?
-
As the proprietor of OK Auto Repair, you receive this invoice from a supplier (GST has been ignored): Required 1. Journalize the transaction required on May 14, 2017. OK Auto Repair uses the periodic...
-
Identify the primary purposes child support guidelines serve.
-
What are the advantages of special casting techniques?
-
Describe the origin and primary purposes of the Uniform Interstate Family Support Act and identify three bases on which a court might obtain personal jurisdiction over a nonresident defendant under...
-
Distinguish between supervised and unsupervised visitation.
-
Briefly, explain hot chamber and cold chamber die casting.
-
The current entering the positive terminal of a device is i(t) = 6e 2t mA and the voltage across the device is v(t) = 10didtV. (a) Find the charge delivered to the device between t = 0 and t = 2 s....
-
A routine activity such as pumping gasoline can be related to many of the concepts studied in this text. Suppose that premium unleaded costs $3.75 per gal. Work Exercises in order. Use the...
-
Lobbying Expenses. EarthFriendly, Inc., an IRC Sec. 501 (c) (3) organization, incurred lobbying expenses of $150,000 and exempt purpose expenditures of $1.2 million in carrying out its exempt...
-
Unrelated Business Income Tax. The Silverton Symphony Orchestra Hall is a well-established not-for-profit organization exempt under IRC Sec. 501 (c) (3) that owns a facility that is home to the local...
-
Gift Shop UBIT. A local exempt organization that trains at-risk youth for employment has an annual operating budget of $300,000, which includes revenue from operating a gift shop in a nearby hotel...
-
The analysis of the current strategic and leadership issues related to human resources and environmental pressure that the Australian hospitality and tourism industry faces due to labor shortage,...
-
cos (2x2)-1 Let f(z) = Evaluate the 6th derivative of fat z = 0. 2 f(0) (0)= Hint: Build a Maclaurin series for f(x) from the series for cos(x).
-
Do you think that it should be legal to falsely implicate a suspect as a participant in a crime by suggesting that there is physical evidence from their person, reflecting that they were present at...
Study smarter with the SolutionInn App