The FASB's Conceptual Framework Classifies Gains and Losses Based on Whether

Short Answer

The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations.These gains or losses may be classified as $\begin{array}{lcc} & \text { Nonoperating } & \text { Operating } \\\text { a. } & \text { Yes } & \text { No } \\\text { b. } & \text { Yes } & \text { Yes } \\\text { c. } & \text { No } & \text { Yes } \\\text { d. } & \text { No } & \text { No }\end{array}$