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.

Question

Quizplus · Accepted Answer

The section for discontinued operations is included if a firm sells or plans to sell a major division or segment of its business during the current or next period.

A Separate Section of the Income Statement Reporting Information About