Which of the following is not required to be disclosed, pursuant to GAAP?
A)Operating income or loss from discontinued component reported on the income statement
B)A description of facts and circumstances leading up to the sale of a discontinued component within the notes of the financial statements
C)All gains or losses from sale of the component reported on the income statement or in the footnotes
D)The book values of major component assets and liabilities reported on the balance sheet or in the footnotes
E)All of these must be disclosed according to GAAP.

Question

Quizplus · Accepted Answer

According to GAAP, all of the items listed (operating income or loss from discontinued component, a description of facts and circumstances leading to the sale of a discontinued component, all gains or losses from the sale of the component, and the book values of major component assets and liabilities) must be disclosed either on the financial statements or in the footnotes.

Which of the Following Is Not Required to Be Disclosed