A disconnected operation must be? A discontinued operation must be?a) Any sold division b) A major separate line of business orgeographical area c) Any unprofitable segment d) Anysubsidiary

Option a: This option is incorrect because selling a division is not classified as a discontinued…

Answered: A discontinued operation must be? a)…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 7MC: Which of the following is not a reason for the physical inventory count to differ from what is...

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A discontinued operation must be?
No WRONG ANSWER
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
6 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 of the following is not a reason for the physical inventory count to differ from what is recognized on the companys books? A. mismanagement B. shrinkage C. damage D. sale of services to customers
Which of the following is NOT a characteristic of the fixed asset system?a. acquisitions are routine transactions requiring general authorizationb. retirements are reported on an authorized disposal report formc. acquisition cost is allocated over the expected life of the assetd. transfer of fixed assets among departments is recorded in the fixed asset subsidiary ledger
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.
General Accounting
Which of the following statements correctly relate to the provisions of PAS 1?
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A discontinued operation must be? a) Any sold division b) A major separate line of business or geographical area c) Any unprofitable segment d) Any subsidiary