Question

What quantitative materiality test is applied to determine
whether a segment is significant enough to warrant
separate disclosure?

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Your roommate is puzzled. During the last year, the company in which she is a stockholder reported a...

A: The books of accounts of the company are prepared using the accrual basis of accounting. While compu...

Q: Simmons Corporation owns stock of Armstrong, Inc. Prior to 2020, the investment was accounted for us...

A: The dividend revenue of $8,000 is obtained by multiplying the net income of $80,000 with the percent...

Q: Balanced scorecard, environmental, and social performance. Gardini Chocolates makes custom-labeled, ...

A: Requirement 1:Identify whether the strategies in 2017 are implemented successfully.No, the strategy ...

Q: What are the three relevant dates involving cash dividends? Describe each.

A: Dividend: Dividend is a part of income paid to shareholders of an organization for the investment ma...

Q: Distinguish between counterbalancing and noncounterbalancingerrors. Give an example of each.

A: Errors: The comparability and consistency of the financial statements decreases when a company recor...

Q: Computing the change in cash; identifying non-cash transactions Jennifer’s Wedding Shops earned a ne...

A: 1.

Q: Explain how the amount of cash payments to suppliers is computed under the direct method.

A: Statement of cash flows: The statement of cash flows is a statement which includes all transactions ...

Q: Identifying advantages and disadvantages of a corporation Following is a list of advantages and disa...

A: Click to see the answer

Q: In January 2017, installation costs of $6,000 on newmachinery were charged to Maintenance and Repair...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Explain the limitations of ratio analysis

A: Limitations of ratio analysis:Ratios are mostly computed based on historical costs as a result; rati...

Q: If current assets other than cash increase, what is the effect on cash? What about a decrease in cur...

A: Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalen...

Q: Variance analysis, multiple products. The Chicago Tigers play in the American Ice Hockey League. The...

A: Sales Volume Variance:The sales volume variance is the difference between the budgeted amount and th...

Q: Target costs, effect of process-design changes on service costs. Solar Energy Systems (SES) sells so...

A: The cost per sale can be computed by dividing the total cost incurred by the numer of units sold.

Q: Palmer Co. is evaluating the appropriate accounting for the following items. 1. Management has deci...

A:  

Q: Help with G and H

A: (g) Calculate the balance in the Finished Goods Inventory account at the end of the month.

Q: Crane Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the bo...

A: Entries to record dividend, if the dividend represents a distribution of earnings.

Q: You have been engaged to review the financial statements of Gottschalk Corporation. In the course of...

A: Click to see the answer

Q: National Supply's shareholders' equity included the following accounts at December 31, 2015: ($ in m...

A: Compute the average paid in capital in excess of par:

Q: Preparing a statement of retained earnings Kelly May Bakery, Inc. reported a prior-period adjustment...

A: Concept:

Q: Describe the accounting for correction of errors.

A: Accounting errors refer to the errors made while recording, classifying or summarizing accounting in...

Q: Lena Kay and Kathy Lauder have a patent on a new line of cosmetics. They need additional capital to ...

A: 1.Journalize the issuance of common stock to Kay and Lauder. 

Q: On January 1, 2020, Beyonce Co. purchased 25,000 shares (a 10% interest) in Elton John Corp. for $1,...

A: Click to see the answer

Q: Identify reporting issues related to fraudulent financial reporting and financial forecasts

A: Financial reporting: The financial results of an organization related to a period are declared and r...

Q: On 04-01-18, S borrowed $2,400,000 at 3%. S made semi-annual interest payments on 10-01-18 and 04-01...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: How do i adjust entries for a merchanting buisness

A: Adjusting entries are the journal entries passed at the end of the financial year to close all the t...

Q: PARRISH 3-3 POSTING TO SUB LEDGERS Pleae post the following transactions to the appropriate Sub Gene...

A: Prepare sub-general ledgers for the transactions as shown below:

Q: Which characteristic of a corporation is a disadvantage? Mutual agency Double taxation Limited liab...

A: Corporation: The form of business entity ,which is incorporated by state law into a separate legal e...

Q: What are the major differences between postretirementhealthcare benefits and pension benefits?

A: Both pension funds and post retirement healthcare benefits accrue to an employee after his/her retir...

Q: Describe the three basic types of cash flow activities.

A: Definition:

Q: In 2015, Quapau Products introduced a new line of hot water heaters that carry a one-year warranty a...

A: Change in accounting estimate: A change in accounting estimate is the change in the expected future ...

Q: Sheffield Inc. owns shares of Tamarisk Corporation stock. At December 31, 2020, the securities were ...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Identify and describe the approach the FASB requires forreporting changes in accounting principles.

A: Accounting method: A set of rules and guidelines through which the organization records and analyzes...

Q: Southern Atlantic Distributors began operations in January 2016 and purchased a delivery truck for $...

A: 1. 

Q: What is treasury stock? What type of account is Treasury Stock, and what is the account’s normal bal...

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of...

Q: Single Plantwide Factory Overhead RateSpotted Cow Dairy Company manufactures three products—whole mi...

A: 1. Compute single plantwide factory overhead rate using direct labor hours as allocation base as sho...

Q: Module 2 Homework T-Accounts Would you please provide the correct answers for these T-Account proble...

A: T-account: T-account is the form of the ledger account, where the journal entries are posted to this...

Q: how do i understand in accounting whats to be decreased and whats to be increased?

A: Account: Account is the basic record that reports all changes in the value of particular assets, lia...

Q: Millington Materials is a leading supplier of building equipment, building products, materials & tim...

A: 1. 

Q: Explain how cash-basis accounting for pension plans differsfrom accrual-basis accounting for pension...

A: Under cash basis of accounting pension cost are recognised on the basis of cash paid by the employer...

Q: Balanced scorecard. Following is a random-order listing of perspectives, strategic objectives, and p...

A: Balanced Scorecard: Balanced scorecard is a commonly used strategic performance measurement tool. Th...

Q: Discuss and illustrate how a correction of an error in previously issued financial statements should...

A: Click to see the answer

Q: Cost allocation to divisions. Rembrandt Hotel & Casino is situated on beautiful Lake Tahoe in Ne...

A:  Since, there are multiple requirements we will answer only the first three requirements.Requirement...

Q: Analysis of growth, price-recovery, and productivity components (continuation of 12-19). An analysis...

A: Cost Leadership Strategy: This is a strategy in which a firm distinguishes it by lowering the market...

Q: Roundtree Manufacturing Co. is preparing its year-end financial statements and is considering the ac...

A: Change in accounting estimate: This change occurs when a change decides to change the estimates base...

Q: Camm Corporation has two manufacturing departments--Forming and Assembly. The company used the follo...

A: Estimated fixed manufacturing overhead cost per MH = $4,600 / 2,000 = $2.30