alleryStart learning →What must be separately disclosed for each extraordinary item?
AOnly its amount
BOnly its nature
CIts tax effect alone
DBoth nature and amount
Answer & Solution
Correct answer: D. Both nature and amount
Each extraordinary item needs its nature and its amount shown separately so the effect on current profit is visible.
Keep practising AS 5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
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