What is the minimum number of operating segments that must be separately reported?a. Ten.b. Segments with at least 75 percent of revenues as measured by the revenue test.c. At least 75 percent of the segments must be separately reported.d. Segments with at least 75 percent of the revenues generated from outside parties.

What is the minimum number of operating segments that must be separately reported?a. Ten.b. Segments with at least 75 percent of revenues as measured by the revenue test.c. At least 75 percent of the segments must be separately reported.d. Segments with at least 75 percent of the revenues generated from outside parties.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 27E

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Choose the correct. What is the minimum number of operating segments that must be separately reported?a. Ten.b. Segments with at least 75 percent of revenues as measured by the revenue test.c. At least 75 percent of the segments must be separately reported.d. Segments with at least 75 percent of the revenues generated from outside parties.
Choose the correct. Which of the following is a criterion for determining whether an operating segment is separately reportable?a. Segment liabilities are 10 percent or more of consolidated liabilities.b. Segment profit or loss is 10 percent or more of consolidated net income.c. Segment assets are 10 percent or more of combined segment assets.d. Segment revenues from external sales are 5 percent or more of combined segment revenues from external sales.
Which of the following is a criterion for determining whether an operating segment is separately reportable?a. Segment liabilities are 10 percent or more of consolidated liabilities.b. Segment profit or loss is 10 percent or more of consolidated net income.c. Segment assets are 10 percent or more of combined segment assets.d. Segment revenues from external sales are 5 percent or more of combined segment revenues from external sales.
Which of the following types of quantitative information are required to be disclosed in Form 10-K for each reportable segment? Select one: a. Profit or loss amounts b. Total assets amounts c. The amount of revenue from a single customer representing 10% or more of any reportable segment's total revenue. d. A and B e. B and C f. A and C g. A, B, and C
In conformity with the revenue test, what is the total revenue of the reportable segments? A. 51,000 B. 60,000 C. 71,000 D. 52,000
An entity shall report information about an operating segment that meets any of the following quantitative thresholds except. Choices; The segment revenue, including both sales to external customers and intersegment sales or transfers, is 10% or more of combined revenue, internal and external, of all operating segments. The assets of the segment are 10% or more of the combined assets of all operating segments. The absolute amount of profit or loss of the segment is 10% or more of the greater in absolute amount of combined profit of all operating segments that reported a profit. The absolute amount of profit or loss of the segment is 10% or more of the greater in absolute amount of combined loss of all operating segments.
An operating segment under IFRS is identified as a reportable segment if a.its revenue is greater than 10% of the combined revenue of all the company's operating segments. b. its identifiable assets are greater than 10% of the combined assets of all operating segments. c. the absolute amount of its profit (loss) is 10% or more of the greater in absolute amount, of the combined operating segments' profit, or of the combined operating segments' loss. d. any of the above options are satisfied.
5. In the income statement for the current year, the entity which is subject to the requirements of segment report, reported external sales of P60,000,000, internal sales of P5,000,000, expenses of P45,000,000. The combined total assets of all operating segments at year-end amounted to P56,000,000. What is the lowest amount of external revenue that should be disclosed by reportable segments? A. 45,000,000 B. 15,000,000 C. 6,500,000 D. 3,750,000 E. None of them
In the income statement for the current year, the entity which is subject to the requirements of segment report, reported external sales of P60,000,000, internal sales of P5,000,000, expenses of P45,000,000. The combined total assets of all operating segments at year-end amounted to P56,000,000. What is the lowest amount of external revenue that should be disclosed by reportable segments?
A segment of a business enterprise is to be reported separately when the revenues of the segment exceed 10 percent of the Select one: total combined revenues of all segments reporting profits. combined net income of all segments reporting profits. total export and foreign sales. total revenues of all the enterprise's operating segments.
Which of the following is not a quantitative threshold for defining a segment’s materiality? Segment assets are 10% or more of the combined assets of all operating segments. The segment absolute value of its profit or loss is 10% or more of the greater of (1) the combined reported profit of all operating segments that reported a profit or (2) the absolute value of the combined reported loss of all operating segments that reported a loss. Segment reported revenue, including intersegment revenues, is 10% or more of the combined revenue of all operating segments. Segment residual profit after the cost of equity is 10% or more of the combined residual profit of all operating segments.
Vincenzo Corporation is a manufacturer with four product lines. Below is some financial information about each of the four product lines. Required:Calculate, explain, and determine which of the segments are reportable based on the:a. Revenue testb. Operating profit (loss) testc. Identifiable assets testd. 75 percent combined revenue test