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
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A discontinued operation must be?
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- No WRONG ANSWERWhich 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 Accounting6 Which of the following criteria is not required for the results of a component of an entity to be classified as discontinued operations? Group of answer choices Management must have entered into a sale agreement. The component is available for immediate sale. The operations and cash flows of the component shall be eliminated from the operations of the entity as a result of the disposal. The entity shall not have any significant continuing involvement in the operations of the component after disposal.Which most accurately describes what happens to consolidation worksheet entries, assuming there is no push down accounting Worksheet entries are posted only to the ledgers of the subsidiary as post closing entries Worksheet entries are posted to the ledgers of the company owning the noncontrolling interest Worksheet entries are posted to the ledgers of both the parent and subsidiary as post closing entries Worksheet entries are posted only to the ledgers of the parent as post closing entries Worksheet entries are not posted to either the books of the parent or the subsidiary
- 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. CostWhich 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 buildingsNone
- (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 intercompany transactions would not require a worksheet elimination in the consolidation process? a. The subsidiary’s payment of rent to its parent. b. The sale of merchandise by a parent to its subsidiary. c. The amount of a loan to the subsidiary made by its parent. d. None of the above.Which of the following is an example of Discontinued Operations reported in a company’s income statement? Gain on disposal of a component of an entity Losses from fires Gains from sale of equipment Write-offs of inventories