Asked by XxCloud StrifexX on Jul 04, 2024
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Gains and losses from sales of assets comprising a clearly distinguishable component of an entity are shown in the discontinued operations section of the income statement.
Discontinued Operations
Components of a business that have been sold or otherwise disposed of, or will be disposed of, which are reported separately in financial statements for clarity on continuing operations.
Income Statement
A financial statement that shows a company's revenues, expenses, and profits or losses over a specific period of time, highlighting the company's financial performance.
- Grasp the principles for recognizing gains and losses from exchanges and sales of assets.
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Learning Objectives
- Grasp the principles for recognizing gains and losses from exchanges and sales of assets.
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