A discontinued operation must be? A discontinued operation must be?a) Any sold division b) A majorline of business orseparategeographicalunprofitablesubsidiaryareac)Anysegmentd)Any

Explanation of Discontinued Operation: A discontinued operation represents a major component of a…

Answered: A discontinued operation must be? a)…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 1DQ

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Which of the following accounting treatments for costs related to business combination is incorrect? Group of answer choices a. Acquisition related costs such as finder’s fees; advisory, legal, accounting, valuation and other professional and consulting fees; and general administrative costs, including the costs of maintain an internal acquisitions department shall be recognized as expense in the Profit/Loss in the periods in which the costs are incurred. b. The costs related to issuance of financial liability at fair value through profit or loss shall be recognized as expense while those related to issuance of financial liability at amortized cost shall be recognized as deduction from the book value of financial liability or treated as discount on financial liability to be amortized using effective interest method. c. The costs related to the organization of the newly formed corporation also known as pre-incorporation costs shall be capitalized as goodwill or deduction from…
Flag question: Question 32 What is discontinued operation? Group of answer choices -no longer operable and fall under asset -result of the operation which has been disposed or classified by the entity as held for sale -no longer consider part of balance sheet -consider disposable and need to be calculate as part of retained earnings
General Accounting
The identifiable assets acquired and liabilities assumed in a business combination are generally measured at: a. Acquisition-date fair values b. Previous carrying amounts c. Fair value less cost to sell d. Cost
Which of the following is an example of asset recognised by the acquirer as part of a business combination but that is not recognised by the acquiree? internally generated brands inventory prepaid insurance land and buildings
(TCO B) How are accounting for direct costs, indirect costs, and issuance costs reflected under the acquisition method of accounting for a business combination?
Which of the following statements regarding a business segment is false? Multiple Choice A business segment's income for the period prior to the disposal and the gain or loss resulting from disposing of the segment's assets are reported separately. A business segment has assets, liabilities, and financial results of operations that can be separated from those of other parts of the company. A business segment is a part of a company that is separated by its products/services or by geographic location.
Ef 50.
Which of the following statements about accounting recognition is (are) true? In accounting, there are instances when a gain/loss would arise upon initial recognition of an asset. No asset can simultaneously be an asset of more than one entity At times, two or more entities may share the benefits that an asset provides An appropriate basis for recognizing an asset is when a particular enterprise acquires the right to utilize and control access to the asset’s benefits I and II only I, II and III only I and IV only I, II, III and IV
Which one of the following items is not included in the determination of income from continuing operations? a. Discontinued operations. b. Restructuring costs. c. Long-lived asset impairment loss. d. Unusual loss from a write-down of inventory.
Which of the following is not considered in the determination of Total Assets after business determination? A. Book Value of the Acquirer's Total Assets B. Fair Value of the Acquiree's Total Assets C. Expenses that are actually paid in relation to business combination D. Contingent Consideration
Assume that a business is headed for certain bankruptcy and it is evident that its liabilities greatly exceed its assets. Which principle would be violated if its financial statements wereprepared using standard U.S. GAAP?a. Entity assumptionb. Continuity assumptionc. Historical cost principled. Stable-monetary-unit assumption

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A discontinued operation must be? a) Any sold division b) A major line of business or separate geographical unprofitable subsidiary area c) Any segment d) Any