The Disposal of a Significant Component of a Business Is

question 45

Multiple Choice

The disposal of a significant component of a business is called

• A) A change in accounting principle
• B) A special item of income from continuing operations item
• C) An other expense
• D) Discontinued operation

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Definitions:

Definiteness

A characteristic of a contract that requires its terms to be clear enough for the parties involved to understand their obligations and rights.

Reasonable Time

An amount of time that is fair and appropriate under the circumstances to perform a legal duty or obligation.

Promissory Estoppel

A legal principle that prevents a promisor from going back on a promise when the promisee reasonably relies on that promise to their detriment.

Revocations

The act of officially cancelling or withdrawing something, such as a license, permission, or legal right.