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What is presentation of results from discontinued operation

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Reference no: EM132817732

Problem 1: What is the presentation of the results from discontinued operation in the income statement?

a. The entity shall disclose a single amount on the face of the income statement below the income from continuing operations.

b. The amounts from discontinued operations shall be broken down over each category of revenue and expense.

c. Discontinued operations shall be shown as a movement on retained earnings.

d. Discontinued operations shall be shown as a line item after gross profit with the taxation being shown as part of income tax expense.

Problem 2: Which is incorrect concerning the presentation of the discontinued operation in the statement of financial position?

a. Assets of the component held for sale are presented separately from all other assets of the entity.

b. Assets of the component held for sale are measured at the higher of fair value less cost to sell and their carrying amount.

c. Liabilities of the component held for sale are presented separately from all other liabilities of the entity.

d. Depreciable assets of the component held for sale shall not be depreciated.

Reference no: EM132817732

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