Practice prompt · Q:statement-presentation-comprehensive-income-and-disclosure/practice-continuing-not-recurring

Read continuing operations

Distinguish continuing operations from recurring activity.

Updated Sep 13, 2026 Review due Dec 13, 2026

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A company reports a one-time land-sale gain in income from continuing operations. Which reading is correct?

Choose the best answer. a The land gain must be removed from reported net income b The gain must be shown in OCI c Continuing operations can include a gain that may not recur d The gain must be reported as an extraordinary item

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Answer: c

Continuing operations excludes qualifying discontinued operations; it does not exclude every isolated gain.