Discontinued Operations and Extraordinary Items definitions Flashcards
Discontinued Operations and Extraordinary Items definitions
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Discontinued Operations Portion of a business a company plans to exit, reported separately at the bottom of the income statement as a single net-of-tax amount. Extraordinary Items Unusual and infrequent gains or losses, shown separately below continuing operations on the income statement, net of tax. Income Statement Financial report displaying revenues, expenses, and profits, with non-recurring items shown separately at the bottom. Continuing Operations Ongoing, regular business activities whose results are reported above non-recurring items on the income statement. Non-Recurring Item Event not expected to happen regularly, such as discontinued operations or extraordinary items, separated from normal business results. Net of Tax Amount shown after deducting related taxes, used for reporting discontinued operations and extraordinary items. Footnotes Detailed disclosures in financial statements providing additional information about items like discontinued operations and extraordinary items. Operating Revenues Income generated from a company’s main business activities, reported separately from non-recurring items. Operating Expenses Costs incurred through normal business operations, distinct from non-recurring items on the income statement. Extraordinary Gain Unusual, infrequent profit, such as from selling a business segment, reported separately and net of tax. Extraordinary Loss Unusual, infrequent loss, such as from a disaster, reported separately and net of tax on the income statement. Balance Sheet Financial statement listing assets and liabilities, with discontinued assets and liabilities shown separately from ongoing items. Segment Major component or division of a business, which may be discontinued and reported separately if exited. Net Income Final profit figure after all revenues, expenses, discontinued operations, and extraordinary items are accounted for.
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