Periodically Clients Discontinue a Particular Line of Operation by Shutting

question 53

Multiple Choice

Periodically clients discontinue a particular line of operation by shutting down or selling a line of business or a company,which usually occurs over at least several months.In these situations the client is to write down net assets to a best estimate of net realizable value and do which of the following?

• A)recognize a loss.
• B)recognize a gain.
• C)recognize a loss or a gain.
• D)not recognize any gain or loss.

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Definitions:

Grandparents

The parents of one's parents, who can play various roles in the family structure, from caregivers to sources of wisdom and tradition.

American Public

The population or societal group of the United States regarded collectively, especially in reference to societal, cultural, or political trends and attitudes.

Ideal Family Form

A culturally established notion of the most desirable structure and functioning of a family, often involving parameters of size, roles, and behaviors.

Traditional Nuclear Family

A family unit consisting of a heterosexual couple and their biological or adopted children, living together as a single household.