Discontinued Operations, Extraordinary Items, and Gains or Losses on Sales

question 6

True/False

Discontinued operations, extraordinary items, and gains or losses on sales of plant assets are special items that must be disclosed separately on the income statement.

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Definitions:

Visceral Pleurae

The visceral pleurae is a membrane that covers the lungs and dips into the spaces between the lobes, forming part of the pleural sac that aids in optimal lung function.

Parietal Pleura

The outer membrane that lines the inner surface of the chest wall and diaphragm in the thoracic cavity.

Serous Fluid

A clear, watery fluid secreted by the serous membranes, helping to lubricate and reduce friction between internal organs.

Surfactant

A substance that reduces the surface tension of fluids, often mentioned in the context of the fluid in the lungs to help them expand properly.