[GNC] solved: Order of accounts when closing the book

[Michael or Penny Novack]

>   After some hard thinking I decided that
> I didn't really need that category. It existed so that lenders and
> investors could look at a company's income statement free of distortion
> by items that are not part of normal operations. Well, I'm not a
> company, so no one would be investing in me, and lenders have their own
> forms for applicants' income and expenses. (And I discovered that even
> companies don't use Extraordinary Items any more, since the standards
> bodies have eliminated them.)

Well like I said, organizations likely to use something of the sort. And 
I think you might be too focused on the NAME "extraordinary Income" (or 
"extraordinary expense") as opposed to function (called whatever). A 
business WOULD probably be doing SOMETHING to separate out extraordinary 
events.

AS MIGHT INDIVIDUALS. Yes, you would want a profit and loss including 
such items BUT you would also likely want one without (and THAT's the 
one you use comparing periods).

Michael D Novack