A Separate Section of the Income Statement Reporting Information About

question 61

Multiple Choice

A separate section of the income statement reporting information about discontinued operations is included

• A)only if the sale resulted in a loss.
• B)in every income statement prepared in accordance with the GAAP.
• C)any time a major business asset is sold.
• D)if a firm sells, during the period, or plans to sell, during the next period, a major division or segment of its business.
• E)if a firm has sold during the previous period, or plans to sell during the next period, a major division or segment of its business.

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Definitions:

Less Dense Crust

Refers to the Earth's continental crust, which is less dense than oceanic crust, allowing it to float higher on the mantle.

Continental Crust

The dense segment of the Earth's crust responsible for the formation of big terrestrial masses, which is usually more ancient and complex compared to the oceanic crust.

Oceanic Crust

The thin layer of the Earth's crust that underlies the ocean basins, composed mainly of basalt.

Mantle

The layer of the Earth located between the crust and the outer core, composed of silicate rocks rich in iron and magnesium.