Which of the following statements is TRUE with regards to discontinued operations?

Question 23 options:

To qualify as a discontinued operation, the cash-generating unit must be a minor line of business.

To qualify as a discontinued operation, the proceeds of sale must come from continued use of the assets.

Discontinued operations must be an operating segment of the company which has already been sold.

The assets of company's discontinued operations must be classified as held-for-sale non-current assets under IFRS.

The assets held for sale of a discontinued operation are re-measured at the lower of the carrying value and fair value less costs to sell.

Question 24(1 point)

On a Statement of Financial Position, which of the following would be classified as a"non-current" liability?

Question 24 options:

An obligation expected to be settled within the ordinary operating cycle of the business.

An obligation related to thecompany's normal operating activities.

A debt that need not be settled until more than a year after the balance sheet date.

An obligation where the company has breached its covenant violations.

Question 25(1 point)

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Financial accounting can be broadly defined as the area of accounting that prepares financial statements to be used

Question 25 options:

primarily by external users and Canada Revenue Agency.

by parties both internal and external to the business enterprise.

by parties internal to the business enterprise only.

by investors only.