The Phrase "Income from Continuing Operations" Is Used Only When

question 119

True/False

The phrase "income from continuing operations" is used only when gains or losses on discontinued operations occur.

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Definitions:

Infrastructure Assets

Long-term physical assets that are foundational for providing public services, such as roads, bridges, water systems, and utilities.

Capitalizes

The process of recording an expenditure as an asset, rather than an expense, thus spreading the cost over the useful life of the asset.

Statement of Activities

A financial report primarily used by non-profit organizations, detailing revenues earned and expenses incurred over a specific period.

Operating Grants

Funds provided by governments or other entities to support the operating expenses of a non-profit or other organizations, typically not requiring repayment.