one -Which of the following is the account group in which the expenses and losses of the business related to its extraordinary activities, other than its main activity, are followed ? a)Ordinary Expenses and Losses from Other Activities Account Group B)Cost of Sales Account Group NS)Other Extraordinary Expenses and Losses Account Group D)Operating Expenses Account Group TO)Sales Discounts Account Group

Answered: one - Which of the following is the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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one -

Which of the following is the account group in which the expenses and losses of the business related to its extraordinary activities, other than its main activity, are followed ?

a)	Ordinary Expenses and Losses from Other Activities Account Group

B)	Cost of Sales Account Group

NS)	Other Extraordinary Expenses and Losses Account Group

D)	Operating Expenses Account Group

TO)	Sales Discounts Account Group

Expert Solution

Step 1

Extraordinary activities are the income or expense which is derived from a non business activity and which does not occur frequently and not expected to occur in foreseeable future such as earthquakes, loss from fire etc.

Such extraordinary activities are to be reported separately in the financial statements of the company.