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AICPA CPA-Financial Exam - Topic 1 Question 131 Discussion

An extraordinary item should be reported separately on the income statement as a component of income:
B) Option B
A) Option A
C) Option C
D) Option D

AICPA CPA-Financial Exam - Topic 1 Question 131 Discussion

Actual exam question for AICPA's CPA-Financial exam
Question #: 131
Topic #: 1
[All CPA-Financial Questions]

An extraordinary item should be reported separately on the income statement as a component of income:

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Suggested Answer: B

Choice 'b' is correct, Yes - No. An extraordinary item should be reported separately on the income statement as a component of income:

Yes - net of income taxes.

No - after (not before) 'discontinued operations of a segment of a business.'


by Alona at Aug 13, 2026, 02:54 PM

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Celeste
4 days ago
I’m a bit confused about the definition of extraordinary items. Are they still considered separate after the recent changes in accounting standards?
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Talia
9 days ago
I recall a practice question where we had to identify extraordinary items, and I think they were reported net of tax. Is that relevant here?
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Myra
14 days ago
I think extraordinary items are supposed to be shown separately, but I can't remember if they go above or below the operating income line.
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