Question: Identify a true statement about extraordinary items. Multiple choice question. To be included in this category, an item must occur often and have an unusually

Identify a true statement about extraordinary items.
Multiple choice question.
To be included in this category, an item must occur often and have an unusually large effect on the company's finances.
The current accounting standard requires firms to report extraordinary items as a separate component from continuing operations.
The financial effects of extraordinary items should not be disclosed in the notes to the financial statements.
Financial effects of natural disasters such as hurricanes, earthquakes, floods, and fires are notvalid examples of extraordinary items.

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