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Which of the following statements concerning when a company announces it is discontinuing a business segment is FALSE? a. Past income statements must be restated, separating the income or loss from the discontinued operations. b. Any expected gain on the disposal is reported in the year of the announcement. c. The income or loss from the discontinued operations is reported separately. d. Income and losses from discontinued operations are reported net of tax after net income from continuing operations.

Which of the following statements concerning when a company announces it is discontinuing a business segment is FALSE? a. Past income statements must be restated, separating the income or loss from the discontinued operations. b. Any expected gain on the disposal is reported in the year of the announcement. c. The income or loss from the discontinued operations is reported separately. d. Income and losses from discontinued operations are reported net of tax after net income from continuing operations.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements concerning when a company announces it is discontinuing a business segment is FALSE? a. Past income statements must be restated, separating the income or loss from the discontinued operations. b. Any expected gain on the disposal is reported in the year of the announcement. c. The income or loss from the discontinued operations is reported separately. d. Income and losses from discontinued operations are reported net of tax after net income from continuing operations.
Transcribed Image Text:Which of the following statements concerning when a company announces it is discontinuing a business segment is FALSE? a. Past income statements must be restated, separating the income or loss from the discontinued operations. b. Any expected gain on the disposal is reported in the year of the announcement. c. The income or loss from the discontinued operations is reported separately. d. Income and losses from discontinued operations are reported net of tax after net income from continuing operations.
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