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A company that issues quarterly financial statements incurs an extraordinary loss in one of the first three quarters.

In which of the following ways would the

company report the extraordinary loss?

a. Only in the annual report.

b. Entirely in the quarter that the loss occurs.

c. Prorated over the remaining quarters of the

current year.

d. Disclosed only by a note in the quarter that the

loss occurs.

Accounting Auditing Banking
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Question added by Deleted user
Date Posted: 2015/02/28
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Mir Mujtaba Ali
by Mir Mujtaba Ali , Internal Audit Manager , Confidential

b. Entirely in the quarter that the loss occurs.

cyrus owino
by cyrus owino , SENIOR INTERNAL AUDITOR , FEP HOLDINGS LTD

B . is appropriate since transactions are recorded as they occur 

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