Answer:
Significant transactions that are unusual or infrequent over which management has control.
Step-by-step explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, account payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).
Hence, it is the field of accounting which typically involves specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time. Financial experts or accountant uses either the cash basis or accrual basis of accounting.
Similarly, managerial accounting also known as cost accounting is an accounting technique focused on identification, measurement, analyzing, interpretation, and communication of financial information to managers for better decisions making and pursuit of the organization's goals.
In managerial accounting, special items are significant transactions that are unusual or infrequent over which management has control. Thus, it is a one-time large expense incurred by a business firm or organization and it is generally not expected to reoccur in the future.