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CFA Level 1 Exam
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CFA Level 1 Exam
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Question No. 1
Which of the following best describes the distinction between expenses and losses?
Choose the correct option from the given list.
Losses result from peripheral or incidental transactions, whereas expenses result from ongoing major or
central operations of the entity.
Losses are extraordinary charges, whereas expenses are ordinary charges.
Losses are reported net of related tax effect, whereas expenses are not reported net of tax.
Losses are material items, whereas expenses are immaterial items.
None of these answers.
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