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Which of the following items does IFRS require to be disclosed but not necessarily presented on the income statement?
income of associates
Which of the following is not a characteristic that must be considered when determining that a business activity is a component of an entity for purposes of classifying that activity as a discontinued operation?
The activity comprises operations and cash flows.
The activity can be clearly distinguished for financial reporting purposes.
The activity is a portion of the entity.
The activity constitutes a strategic advantage.
Ans: The correct option for the answer is option D i.e. Litigation statements
These statements needs to be disclosed but not to be necessarily presented on the income statement
Ans: The correct option for the answer is option D i.e. The activity constitutes a strategic advantage.
Which of the following items does IFRS require to be disclosed but not necessarily presented on...
The following condensed statements of the Palmer Holding Company are presented for the two years ended December 31, 2011 and 2010: Sales Cost of goods sold Gross profit Operating expenses Operating income Gain on Sale of Assets Impairment loss on assets of division held for sale 2011 3,000,000 1,840,000 1,160,000 640,000 520,000 10,000 (240,000) 290,000 116,000 2010 2,520,000 1,640,000 880.000 460,000 420,000 Income tax expense (40%) 420,000 168,000 Net income 174,000 252,000 Other relevant information: (1) On December 1, 2011,...