Discontinued Operations and Gains and Losses Are Both Reported Net

question 19

True/False

Discontinued operations and gains and losses are both reported net of tax in the income statement.

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Definitions:

Nominal Cost

A term often used to describe a cost that is very small or insignificant in comparison to the overall financial figures involved.

Acquired

The process in which one company obtains a majority stake in or the entirety of another company.

Donation

A gift given by physical or legal persons, typically for charitable purposes and/or to benefit a cause.

Fair Market Value

The price at which property would sell between a willing buyer and a willing seller, each having reasonable knowledge of all relevant facts and not under any compulsion to transact.