Overtime is when an employee works beyond legal or conventional limits, and must be compensated at a higher rate. Companies try to avoid it, but most countries have strict overtime laws to protect workers’ rights. Some industries allow employees to work more hours without overtime pay, which has been criticized for being inhumane. Overtime is […]
Extraordinary items are unexpected gains or losses due to unusual circumstances outside a company’s control. They are recorded in accounting records and appear on profit and loss statements. Examples include natural disasters, embezzlement, and sudden changes in demand. Each event is recorded separately, and details are provided in financial statement notes. Most companies only record […]
