Please Solve In 10mins Which of the following statements regarding a business segment Is false?Multiple CholceA business segment is a part of a company that is separated by its products/services or by geographiclocation.A business segment has assets liabilities end fnancial resulis of operations that can be separated fromthose of other parts of the companyA gain or loss from selling or closing down a business segmentis deparately reported.The ncome tax ettects 01a dscontnued bus.ness segnentare combined with income tax from continuing operations.A business segment's income for the period prior to the disposal and the gain or loss resulting fromdisposing of the segment's assets are reported separately.

Business Segment: It refers to that division of a company that is distinguished by its product; or…

Answered: Which of the following statements…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 1DQ

See similar textbooks

Similar questions

If a company capitalizes costs that should be expensed, how is its income statement for the current period impacted? A. Assets understated B. Net Income understated C. Expenses understated D. Revenues understated
If a company capitalizes costs that should be expensed, how is its income statement for the currentperiod impacted?A. Assets understatedB. Net Income understatedC. Expenses understatedD. Revenues understated
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. Cost
Define what constitutes discontinued operations and describe the appropriate income statement presentation for these transactions.
When an entity discontinued an operation and disposed of the discontinued operation the transaction should be reported in the income statement as: A. a prior period erro B. other income and expense item C. a single amount after income from continuing operations and before net income D. a bulk sale of assets included in income from continuing operations
*Hdoes a company account for the disposal of an asset?how does it report gains and losses on its financial statments. *Distinction between addition and improvment and should be a company account for each
If a company capitalizes costs that should be expensed, how is its income statement for the current period impacted? Assets understated Net Income understated Expenses understated Revenues understated
What is the purpose of arranging an income statement toshow subtotals for income from continuing operations andincome before extraordinary items?
A loss from the sale of a component of a business enterprise is reported separately as a component of income: a. after income from continuing operations b. in income from continuing operations c. after income tax expense d. before income from continuing operations
It is required to present earnings per share for: Select one: a.income from continuing operations before the effect of discontinued operations. b.the gross profit. c.operating income. d.Income before Other Comprehensive Income.
How are discontinued operations reported in the income statement?
Other comprehensive income is closed to: Retained earnings. The related asset account. Accumulated Comprehensive Income. Accumulated Other Comprehensive Income.

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS