Gains or Losses from Discontinued Operations Are Reported on a Separate

question 183

True/False

Gains or losses from discontinued operations are reported on a separate line on the income statement net of income tax effects.

---

Definitions:

Seasonal Dating

An arrangement that allows buyers to make payments at a later date, often used to accommodate seasonal fluctuations in sales or production.

Consignment Goods

Products held by a seller, but still owned by the supplier until they are sold to a consumer.

Open Charge Account

A credit account that allows the holder to make purchases and pay for them at a later date without a predefined payment schedule.

Installment Account

A credit account where the borrower repays the principal and interest over a set period through scheduled payments.