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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Hw.17
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education