To Qualify as a Discontinued Operation, a Gain or Loss

question 117

Multiple Choice

To qualify as a discontinued operation, a gain or loss must:

• A) Affect the profit of a prior period.
• B) Be larger in amount than any other item in the income statement.
• C) Be associated with a segment of the business that has been discontinued during the current period
• D) Be material in amount, unusual in nature, and not expected to recur

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Definitions:

Median

A statistical measure that represents the middle value in a given set of data when it is arranged in numerical order.

Mean

A statistical measure representing the central value of a set of numbers, calculated by dividing the sum of the values in the set by their number.

Mode

The value that appears most frequently in a given set of data or distribution.

Median

A statistical measure representing the middle value in a set of data when arranged in ascending or descending order.