Regarding Discontinued Operations,which of the Following Statements Is Incorrect

question 113

Multiple Choice

Regarding discontinued operations,which of the following statements is incorrect?

• A) Gains and losses on the sale of plant assets and equipment are reported as Other Income and (Expenses).
• B) A loss on discontinued operations is reported with an addition for the applicable income tax.
• C) The sale of an identifiable division of the business is reported on the income statement under the category Discontinued Operations.
• D) The Discontinued Operations category of the income statement includes information about segments of the business that have been sold.

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Definitions:

A Union

An organized association of workers formed to protect and further their rights and interests.

Flat Organizations

Organizational structures with few or no levels of middle management between staff and executives, promoting autonomy and faster decision-making.

Teamwork

Teamwork involves a group of people working collaboratively towards a common goal, leveraging diverse skills and perspectives.

Bureaucratic

Pertains to a system or manner of government or organization that is characterized by fixed and complex rules, a hierarchy of authority, and a focus on procedure over people.