A) Operating segments are components of an enterprise that engage in business activities and from which it only recognizes revenues.
B) The corporate controller reviews each operating segment's operating results to assess performance.
C) A component may be classified as an operating segment without revenues assuming that it generates a material level of expense.
D) An organizational unit can be an operating segment even if all of its revenues or expenses result from transactions with other segments.
E) All parts of a company must be included in an operating segment.
Correct Answer
verified
Correct Answer
verified
A) A, B, D, and E.
B) A and B.
C) B and C.
D) A, B, and D.
E) C, D, and E.
Correct Answer
verified
Correct Answer
verified
A) $650,000.
B) $660,000.
C) $670,000.
D) $680,000.
E) $690,000.
Correct Answer
verified
Correct Answer
verified
A) $300,000.
B) $322,750.
C) $335,000.
D) $265,000.
E) $277,250.
Correct Answer
verified
Correct Answer
verified
A) Factors used to allocate company-wide pension expense.
B) Revenues from transactions with other operating segments.
C) Interest revenue and interest expense.
D) Depreciation, depletion, and amortization expense.
E) Revenues from external customers.
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
The items of information required to be ...View Answer
Correct Answer
verified
View Answer
Correct Answer
verified
Correct Answer
verified
A) The variances are always ignored for interim reporting.
B) The variances should always be reflected in gross profit on an interim income statement.
C) The variances expected to be absorbed by year-end should not be reflected in the interim statement.
D) The variances should always be reflected in the interim income statement but not the interim balance sheet.
E) The variances should only be reflected in the interim balance sheet.
Correct Answer
verified
Correct Answer
verified
Correct Answer
verified
A substantial portion of the company's o...View Answer
Correct Answer
verified
View Answer
Correct Answer
verified
The revenues and expenses included in se...View Answer
Correct Answer
verified
View Answer
A) Retrospectively restate the first-quarter income statement, net of income taxes, as though the change occurred at the beginning of the year.
B) Postpone recording of the change to the annual income statement.
C) Record the change in the third-quarter income statement, net of income taxes.
D) Adjust financial statements for each prior period presented to reflect the effects of the new principle in those reported periods.
E) These changes are prohibited by GAAP.
Correct Answer
verified
Correct Answer
verified
A) Interest expense.
B) Intersegment sales.
C) Unusual items.
D) Depletion.
E) Liabilities.
Correct Answer
verified
Correct Answer
verified
A) Ignore the loss.
B) Record the loss in the first quarter as an unusual loss, net of income taxes.
C) Record one-fourth of the loss in the first quarter as an unusual loss, net of income taxes.
D) Ignore the loss in the first quarter, and record it in the annual statement only.
E) Record the loss in the first quarter, but not as an unusual loss, and disclose the loss in a separate note or in the income statement as a separate line item.
Correct Answer
verified
Correct Answer
verified
A) The identity of the customer.
B) The operating segment reporting sales to the customer.
C) The geographic area of the customer.
D) The specific products or services purchased by the customer.
E) The length of time the customer has been a customer of the company.
Correct Answer
verified
Correct Answer
verified
A) $ 9,450,000.
B) $ 8,624,272.
C) $10,643,000.
D) $12,936,408.
E) $10,413,000.
Correct Answer
verified
Correct Answer
verified
Showing 101 - 115 of 115
Related Exams