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

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 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.