Psychics R' Us has a new and unique revenue stream, but they are unsure when to recognize the revenue. Their accountant is unsure as well. In which topic grouping would she find more information about revenue recognition?

The Claxton Company manufactures children's toys and also has a division that makes automobile parts. Due to a change in its strategic focus, the company sold the automobile parts division. The division qualifies as a component of the entity according to SFAS No. 144. How should Claxton report the sale in its 2013 income statement?

A. As an extraordinary item. B. As a discontinued operation, reported below income from continuing operations. C. Report the income or loss from operations of the division in discontinued operations below continuing operations and the gain or loss from disposal in continuing operations. D. None of these.

One impact of anti-fraud tools is that merchants are rejecting a significant number of both valid and invalid orders due to suspicion of fraud

Indicate whether the statement is true or false