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Generally Accepted Accounting Principles (GAAP) MCQs

What is the proper financial reporting treatment for a discontinued operation?

Just include a statement that the firm is going to discontinue an operation, but leave the accounting combined.

Create an entirely separate entity for the discontinued operation if it is not already there, and put it into bankruptcy.

Report it separately on the balance sheet and income statement.

Expense all of the assets of the discontinued operation in the current period.

Answer

Correct Answer: Report it separately on the balance sheet and income statement.

Explanation:

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