2012 AICPA Newly Released Questions – Financial
　　1.
　　A transaction that is unusual in nature or infrequent in occurrence should be reported as a(an):
　　a. Component of income from continuing operations, net of applicable income taxes.
　　b. Extraordinary item, net of applicable income taxes.
　　c. Component of income from continuing operations, but not net of applicable income taxes.
　　d. Extraordinary item, but not net of applicable income taxes.
　　Solution:
　　Choice "c" is correct. Items of income or loss that are either unusual OR infrequent are not extraordinary.
　　These items should be reported as part of income from continuing operations and not net of tax.
　　Choice "a" is incorrect. Items reported as part of continuing operations are not reported net of income
　　taxes.
　　Choice "b" is incorrect. Items that are either unusual or infrequent are not extraordinary. Under U.S.
　　GAAP, an extraordinary item is one that is both unusual in nature and infrequent in occurrence.
　　Choice "d" is incorrect. Items that are either unusual or infrequent are not extraordinary. Under U.S.
　　GAAP, an extraordinary item is one that is both unusual in nature and infrequent in occurrence.
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