Question
Asked Oct 13, 2019
38 views

Why is the reporting of segment information required? Justify your response.

Why is the reporting of estimates and assumptions required? Justify your response.

 

check_circle

Expert Answer

Step 1

Segment reporting deals with in-detail segment-wise financial reporting in the financial statements of the company.

Segment information is required in the financial statements

(a)    As it helps investors to distinguish between operating and non-operating segments.

(b)    It provides infor...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Other

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Kibitz Fitness received $30,000 from customers on August 1, 2013. These payments were advance paymen...

A: Service Revenue: Service revenue is the revenue earned by a company for providing the services to th...

question_answer

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follow...

A: LIFO Method: LIFO method also referred to as Last-In-First-Out method is an inventory management tec...

question_answer

Q: Marigold Company reports pretax financial income of $72,000 for 2020. The following items cause taxa...

A: Compute taxable income and income taxes payable for 2020.

question_answer

Q: a payment such as an utility bill (like electricity) for the month would include?

A: In this transaction, cash is paid for monthly utility bill. Utility bill is an expense, increasedCas...

question_answer

Q: Hi I need help with adjusting entries. Wages of $8000 had been earned by employees, but not been pai...

A: Adjusting entries: The entries that are made at the end of an accounting period in accordance with r...

question_answer

Q: Shareholders' Equity (millions, except per share amounts) July 31, 2016 August 2, 2015 Preferred...

A: Shareholder equity:The claims of shareholder on a company’s resources, after the liabilities are pai...

question_answer

Q: Snowy River Stallion Inc. produces horse and rancher equipment. Costs from Support Department 1 are ...

A: Cost allocation is a method of assigning cost of one department to other departments. It helps to ma...

question_answer

Q: Cash Flows from Operating Activities-Indirect Method Staley Inc. reported the following data: Net in...

A: Cash Flow Statement: Cash Flow Statement is a fundamental financial statement that renders valuable ...

question_answer

Q: On question 3, would the answer be 3200 for straight line and 4608 for double declining or should I ...

A: Compute depreciation expense for third year under straight line method as shown below: