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13.) True or False. The presentation of a multi-step income statement implies that all income is created equal. True False14.) Which of the following is NOT an unusual item? O A.) Estimating recurring year end accrued expenses. B.) Material write

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Answer #1

13) (B) False

It doesnot imply that all income is created equal.

14) (E) A,C, and D

Material write down od intangiblr assets through impairment is an unusal item. The balance options are not unusual items. We generally estimate recurring year end accrued expenses, adjust for allowance of doubtful debts and write down inventory to lower of cost or net realizable value.

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