No WRONG ANSWER A discontinued operation must be?a) Any sold division b) A major separate line of business orgeographical area c) Any unprofitable segment d) Anysubsidiary

Concept of Discontinued Operation:A discontinued operation refers to a component of a company that…

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?
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.
None
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5. Which of the following statements is incorrect? Group of answer choices the responsibility for receiving merchandise and paying it should usually be given to one person certain clerical personnel should be rotated among various jobs the accounting function should be separated from the custodianship of assets an entity's personnel should be given well-defined responsibilities
Segment Reporting To provide information that can be used to evaluate _____ and ______ across different lines of business and in different parts of the world, Multinational Corporations (MNCs) disaggregate consolidated totals and provide disclosures on a segment basis. This information may also be used to assess how __________ an MNC is. Fill in the spaces?
Which of the following would NOT be reflected in the income statement? Group of answer choices A.Correction of an error in previously issued financial statements B.Loss on disposal of a segment of a business C.Cumulative effect of a change in depreciation methods D.An extraordinary item
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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