true false

5 5. The results of operations of a component that qualifies as a discontinued operation is reported in the discontinued operations section of the Income Statement only in the period that the component is sold, abandon or spun off. 6. The Financial Accounting Standards Board (FASB) is a governmental agency that reports to the SEC 7. Contingent liabilities are recorded and reported in the financial statements only if it is probable that the underlying future event will occur and the amount is reasonably estimable