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
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- A discontinued operation must be?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.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 earnings6 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 ledgerWhich 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 inventories1. The disclosure requirements for an operating segment do not include: a. Unusual items b. Income tax expense or benefit c. Interest revenue d. Cost of goods or services sold 2. A reconciliation between the numbers disclosed in operating segments and consolidated numbers need not be provided for: a. Cost of goods sold b. Profit or loss c. Net assets d. Revenues 3. Each reportable segment is required to disclose the following information except for: a. Unusual items b. Depreciation, depletion, and amortization c. Capital expenditures d. Gross profit or loss 4. An enterprise is required to disclose information about its major customers if 10 percent or more of its revenue is derived from any single customer. This disclosure must include: a. The products or services generating the revenue from such sales b. The operating segment or segments making such sales and the total revenue from the customer c. The name of the customer to whom the sales were made d. The dollar amounts of revenue…
- 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.NoneWhich record is not usually maintained under the single entrybookkeeping system? A. cash bookB. general journalC. A/R subsidiary ledgerD. property subsidiary ledgerE. answer not given
