Tag: Extraordinary Event
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Bookkeeping – Estimating Extraordinary Items (Lesson 87)
The final type of estimating relates to unusual and infrequent items; these are commonly referred to as extraordinary items. Basically, they rarely occur but do happen once or twice over an economic cycle.
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Bookkeeping – Other Expenses and Revenue (Lesson 19)
In accounting sometimes an extraordinary event occurs. When this happens the associated revenue and expense is recorded in the expense type of accounts.