Question
100%

Which of the following is not included in continuing operations?

  • Loss on the sale of equipment
  • Gain on the sale on a segment of a business that has been discontinued
  • Salaries expense
  • Interest revenue
Expert Solution

Want to see the full answer?

Check out a sample Q&A here
Blurred answer
Students who’ve seen this question also like:
Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
Not helpful? See similar books
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Analyzing And Recording Transactions. 9MC
marketing sidebar icon
Want to see this answer and more?
Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*
*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Which of the following is not included in continuing operations? Loss on the sale of equipment Gain…

A: Click to see the answer

Q: Which of the following is not included in continuing operations? a. Loss on the sale of equipment b.…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Depletion is: A revenue for the business A liability for the business An asset for the business An…

A: Depletion is an accounting and tax concept used most often in the mining, timber, and petroleum…

Q: The Business is in loss, when ________" a) Revenue exceeds Expenditure  b) Assets exceeds…

A: The Question has covered the concept of Loss. Note:- Since you posted multiple question we will…

Q: Which statement is incorrect? a. Revenues are income that arises from the ordinary course of…

A: The flow of income that is generated by the regular sale of goods and services is regarded as…

Q: Which statement is incorrect? A. Revenues are income that arises from the ordinary course of…

A: Revenues can be defined as a source of income that is generated from the main business activity or…

Q: hich statement is false? *   Revenues and expenses result from regular activities of the business.…

A: Operating activities:Operating activities refers to basic activities performed by the business…

Q: Expense is a decrease in owner's equity resulting from the operation of a business. Is it true or…

A: Given statement is: Expense is a decrease in owner's equity resulting from the operation of a…

Q: Which of the following statements is (are) not consistentwith generally accepted accounting…

A: Click to see the answer

Q: Explain how a company might use the accounting rules for impairment of long-lived assets to manage…

A: Long live assets: Those assets which are expected to provide the benefits of more than one year.…

Q: Which of the following transactions does NOT affect total assets? O New equipment is purchased on…

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: (a) Belief that a company will remain in business for the foreseeable future. (Note: Do not use the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Revenues are: O A. decreases in assets resulting from delivering goods or services to customers. B.…

A: Revenue is the amount of money that a business receives on conducting business i.e. sale of goods or…

Q: Given the revenues and expenses of a business, net loss will result if: a. All the above situations…

A: Revenue means the amount earned by selling the goods or services. Expenses means the amount spent on…

Q: Accounting Which of the following IS an example of an accounting-based earnings management (EM)…

A: Click to see the answer

Q: ____________________ is the income earned after other revenues are added and other expenses are…

A: For gross profit, Cost of goods sold is deducted from Sales Revenue. Income from operations means…

Q: Suppose two companies acquire a machinery for use in operations. Company A expenses the transaction…

A: Click to see the answer

Q: Suppose two companies acquire a machinery for use in operations. Company A expenses the transaction…

A: Repercussions will this have on the financial reporting : Two companies acquire machinery for use…

Q: Suppose two companies acquire a machinery for use in operations. Company A expenses the transaction…

A: Capital expenditure: It is the amount of funds invested in the business to get long-term benefits to…

Q: Match each concept with the definition that best describes it. Expense recognition principle…

A: Matching principle - the principle that companies recognized expense in the period in which they…

Q: Which statement is false? a. Revenues and expenses result from regular activities of the business.…

A: The income statement of a company is prepared to record the amount of net losses and net profits…

Q: Which statement is false? A. Revenues and expenses result from regular activities of the business.…

A: Revenue is the amount earned by an entity from its operating activities and expense is the money…

Q: If a business makes a gross profit during a financial or trading year ( select appropriate answer)…

A: Gross profit refers to the profit earned by an entity from selling the products and deducting the…

Q: Various types of accounting changes can affect the financial statements of a business enterprise…

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: Business transactions are economic events that involed all the above information except: Select…

A: Accounting principles means those set of standards which is followed while preparing the books of…

Q: What is the impact on A Company financial statements if the company forgets to recognize that…

A: Unearned Revenue - Unearned Revenue is the revenue which is not earned by the company but amount…

Q: Information about a segment of the business that a company sells, abandons, or otherwise disposes of…

A: Discontinued operations are sections of a company's primary business or product line that have been…

Q: Amount owed by the business to outsiders or whatever is payable by a company is known as ___. a.…

A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and…

Q: a. always shown in the statement of financial position at their original cost b. never removed from…

A: The right answer is option a . always shown in the statement of financial position at their original…

Q: Earnings per share should be reported separately for   a).depreciable assets. b).discontinued…

A: Earning per share (EPS): It is the financial ratio where earning capacity of a share is calculated…

Q: Operational revenues would not result from which of the following transactions? Select one: a.…

A: There is two type of revenue earned by the organization which are, (1) Operational revenue…

Q: company writes off as uncollectible an account receivable from a bankrupt customer.  The company has…

A: Solution: The effect of this transaction in the company's financial statements is that "Net profit…

Q: (Analysis of Various Accounting Changes and Errors) Various types of accounting changes can affect…

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: Which of the following IS an example of an accounting-based earnings management (EM) strategy…

A: Accounting-Based Earnings Management: Earnings management is a technique used in accounting to…

Q: Which statement is true about Accrual-basis accounting based on the multiple statement below?:…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: We can say that the business is in profit, when: Select one: a. Income exceeds Liabilities b. Assets…

A: Following are the formulas: Profit = Income - Expenses, (where income is greater than the expenses)…

Q: We can say that the business is in profit, when: Select one: a. Income exceeds Liabilities b. Assets…

A: Following is the answer to the question

Q: What is the accounting treatment for discontinued operations? A :    It is reported at its gross…

A: In the today's world, it is possible that an entity of group is not earning profit due to several…

Q: Change in Accounting Policy, Change in Estimate, Correction of Error For each of the following…

A: In this question we have been given some cases based on which we have been asked about the type of…

Q: Which of the following would result in the RETURN OF ASSETS for an accounting entity Deteriorating.…

A: Return on assets is an important accounting ratio which is calculated to analyse how much net income…

Q: Give an example of business transactions that would: Cause one asset to increase and another asset…

A: Business transaction Business transactions are the transactions that are recorded in monetary…

Q: The balance sheet identity refers to the fact that A.) Current Assets and Current Liabilities must…

A: The financial statements of the business includes balance sheet and income statement.

Q: All of the following statements are correct except • The payment of a liability decreases both…

A: Solution: All of the following statements are correct except "A change in assets is always…

Q: n which of the following cases will the business have Net profit ? a. Expenses are less than revenue…

A: Solution: "Expenses are less than revenue" in this case business will have net profit.

Q: What is reported in the discontinued operations section of the income statement?

A: Discontinued Operations SectionIn general, there are lot of companies that deal many lines of…

Q: What is reported in the discontinued operations section of the income statement?

A: Discontinued Operations: It is the second section after the continuing operations on the income…

Q: What account will not be found in the trial balance of a company using cash basis of accounting? A.…

A: "Cash basis of accounting records revenue when cash is received and records expenses when cash is…

Q: What account will not be found in the trial balance of a company using cash basis of accounting? *…

A: As per the cash basis of accounting the transaction is recorded at the time of inflows or outflows…

Q: Toronto Institute received payments from customers who had been billed earlier for services…

A: Accounting equation is made up of two sides that shows Assets = Liabilities + Equity. Every…

Q: Questions related to the Statement of Profit or Loss a. Revenue is the income generated from normal…

A: SOLUTION-A  EMIRATES IS AN INTERNATIONAL AIRLINE COMPANY . IT IS AN AIR TRAVEL SERVICE PROVIDER . IT…

Knowledge Booster
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
    • SEE MORE QUESTIONS
    Recommended textbooks for you
  • Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College
    Intermediate Accounting: Reporting And Analysis
    Accounting
    ISBN:9781337788281
    Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
    Publisher:Cengage Learning
    Financial Accounting
    Accounting
    ISBN:9781337272124
    Author:Carl Warren, James M. Reeve, Jonathan Duchac
    Publisher:Cengage Learning
  • Accounting
    Accounting
    ISBN:9781337272094
    Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
    Publisher:Cengage Learning,
    Corporate Financial Accounting
    Accounting
    ISBN:9781337398169
    Author:Carl Warren, Jeff Jones
    Publisher:Cengage Learning
    Financial & Managerial Accounting
    Accounting
    ISBN:9781337119207
    Author:Carl Warren, James M. Reeve, Jonathan Duchac
    Publisher:Cengage Learning
  • Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College
    Intermediate Accounting: Reporting And Analysis
    Accounting
    ISBN:9781337788281
    Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
    Publisher:Cengage Learning
    Financial Accounting
    Accounting
    ISBN:9781337272124
    Author:Carl Warren, James M. Reeve, Jonathan Duchac
    Publisher:Cengage Learning
    Accounting
    Accounting
    ISBN:9781337272094
    Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
    Publisher:Cengage Learning,
    Corporate Financial Accounting
    Accounting
    ISBN:9781337398169
    Author:Carl Warren, Jeff Jones
    Publisher:Cengage Learning
    Financial & Managerial Accounting
    Accounting
    ISBN:9781337119207
    Author:Carl Warren, James M. Reeve, Jonathan Duchac
    Publisher:Cengage Learning