Which of the following would be classified as an extraordinary item on the income statement?

a. Loss on disposal of a segment of the business.
b. Cumulative effect of a change in accounting principle.
c. A sale of fixed assets.
d. An error correction that relates to a prior year.
e. A loss from a flood in a location that would not be expected to flood.

Answer rating: 100% (QA)

Correct Option is e A loss from a flood in a loc... View the full answer