What Information Is Not Necessary About Discontinued Operations in the Statement

question 115

Multiple Choice

What information is not necessary about discontinued operations in the statement of comprehensive income or in the notes?

• A)Revenues.
• B)Expenses.
• C)Disposal costs.
• D)Income taxes.

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Definitions:

Cash Withdrawn

Funds taken out from a business by the owner(s) for personal use, which can affect the owner's equity account.

Customer's Account

An account representing a customer's relationship with a business, detailing their purchases, payments, and balances.

General Journal

A primary accounting record where all types of financial transactions are initially recorded using double-entry bookkeeping before posting to specific accounts in the ledger.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.