Betsy Kirkland, Incorporated incurred a flood loss during the first quarter of 2024 that is...
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Accounting
Betsy Kirkland, Incorporated incurred a flood loss during the first quarter of that is deemed both unusual and not expected to recur again in the near future. The loss is considered immaterial to the twelvemonth period but is material in amount relative to the first quarter. The proper accounting treatment in the first quarter interim statement is to Multiple Choice ignore the loss. record the loss in the first quarter as an unusual loss, net of income taxes. record onefourth of the loss in the first quarter as an unusual loss, net of income taxes. ignore the loss in the first quarter, and record it in the annual statement only. record the loss in the first quarter, but not as an unusual loss, and disclose the loss in a separate note or in the income statement as a separate line item.
Betsy Kirkland, Incorporated incurred a flood loss during the first quarter of that is deemed both unusual and not expected to recur again in the near future. The loss is considered immaterial to the twelvemonth period but is material in amount relative to the first quarter. The proper accounting treatment in the first quarter interim statement is to
Multiple Choice
ignore the loss.
record the loss in the first quarter as an unusual loss, net of income taxes.
record onefourth of the loss in the first quarter as an unusual loss, net of income taxes.
ignore the loss in the first quarter, and record it in the annual statement only.
record the loss in the first quarter, but not as an unusual loss, and disclose the loss in a separate note or in the income statement as a separate line item.
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