UNUSUAL GAINS AND LOSSES Definition

Bookmark and Share

UNUSUAL GAINS AND LOSSES are material gains and losses that are either unusual or occur infrequently, but not both, are excluded from the extraordinary item classification See EXTRAORDINARY ITEMS.

Learn new Accounting Terms

CREDIT SALES are merchandise or services sold on the promise to pay later.

IRC is Internal Revenue Code of 1986 (formerly 1954).

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.