16) Discontinued operations of a component of a business are classified as a separate item in the income statement: a) after “income from continuing operations”. b) before “income from continuing operations”. c) between income from operations and income before income tax. d) immediately after “gross profit”.
16) Discontinued operations of a component of a business are classified as a separate item in the income statement:
a) after “income from continuing operations”.
b) before “income from continuing operations”.
c) between income from operations and income before income tax.
d) immediately after “gross profit”.
20) Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all of the following except:
a) Both require that changes to the valuation reserve be disclosed in the notes to the financial statements.
b) Both require disclosure of significant accounting policies.
c) Both require the preparation of financial statements annually.
d) Both generally require the use of the current/ non-current classification for both assets and liabilities.
e) Cash
23) The IFRS criteria for recognizing a transfer of a receivable focuses on which of the following?
a) Risks
b) Rewards
c) Loss of control
d) All of these answers choices are correct.
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