Which of the following statements regarding a business segment Is false? Multiple Choice A business segment is a part of a company that is separated by its products/services or by geographic location, A business segment has assets, liabilities end financial results of operations that can be separated from those of other parts of the company A gain or loss from selling or closing down a business segment is separately reported. The income tox eftecto of a discbntnued business segnent are combined with income tax from continuing operations

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Which of the following statements regarding a business segment Is false?
Multiple Cholce
A business segment is a part of a company that is separated by its products/services or by geographic
location.
A business segment has assets liabilities end fnancial resulis of operations that can be separated from
those of other parts of the company
A 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
Transcribed Image Text:Which of the following statements regarding a business segment Is false? Multiple Cholce A business segment is a part of a company that is separated by its products/services or by geographic location. A business segment has assets liabilities end fnancial resulis of operations that can be separated from those of other parts of the company A 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 from
disposing of the segment's assets are reported separately.
Transcribed Image Text:operations. 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.
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