LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
13th Edition
ISBN: 9781259444951
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Question
Chapter 8, Problem 14P
To determine
Identify the true statement for a company that has managers responsible for product and service lines of business and managers responsible for geographic areas (matrix form of organisation).
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Choose the correct. Which of the following statements is true for a company that has managers responsible for product and service lines of business and managers responsible for geographic areas (matrix form of organization)?a. Under U.S. GAAP, the company must base operating segments on geographic areas.b. Under IFRS, the company must base operating segments on product and service lines of business.c. Under U.S. GAAP, the company may choose to define operating segments on the basis of either products and services or geographic areas.d. Under IFRS, the company must refer to the core principle of IFRS 8 to determine operating segments.
Two or more operating segments may be aggregated into a single operating segment if the segments have similar economic characteristics, and the segments are similar in which of the following respects: I. the nature of the products and services II. the nature of the production processes III. the type or class of customer for their products and services IV. the methods used to distribute their products or provide their services V. if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities
A central issue in reporting on industry segments of a business enterprise is the determination of which segments are reportable.
Required:
A. What is a reportable segment
B. Explain how a preparer would determine which operating segments to report segment information for.
C. What types of segment information must be reported?
Chapter 8 Solutions
LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
Ch. 8 - Prob. 1QCh. 8 - Prob. 2QCh. 8 - Prob. 3QCh. 8 - The management approach requires a firm to define...Ch. 8 - What is an operating segment?Ch. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - Prob. 11QCh. 8 - To satisfy geographic area disclosure...Ch. 8 - Prob. 13QCh. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - Prob. 16QCh. 8 - Prob. 17QCh. 8 - How does a company determine the amount of income...Ch. 8 - Prob. 19QCh. 8 - Prob. 20QCh. 8 - What type of segment information must companies...Ch. 8 - How would an annual bonus paid at year-end be...Ch. 8 - Which of the following does U.S. GAAP not consider...Ch. 8 - Prob. 2PCh. 8 - Prob. 3PCh. 8 - Prob. 4PCh. 8 - Prob. 5PCh. 8 - Which of the following is not necessarily true for...Ch. 8 - Prob. 7PCh. 8 - Prob. 8PCh. 8 - Prob. 9PCh. 8 - Which of the following items is required to be...Ch. 8 - Prob. 11PCh. 8 - Prob. 12PCh. 8 - Which of the following information items with...Ch. 8 - Prob. 14PCh. 8 - In considering interim financial reporting, how...Ch. 8 - How should material seasonal variations in revenue...Ch. 8 - Prob. 17PCh. 8 - Prob. 18PCh. 8 - Prob. 19PCh. 8 - Niceville Company pays property taxes of 100,000...Ch. 8 - Prob. 21PCh. 8 - Prob. 22PCh. 8 - Prob. 23PCh. 8 - Prob. 24PCh. 8 - Prob. 25PCh. 8 - Prob. 26PCh. 8 - Prob. 27PCh. 8 - Prob. 28PCh. 8 - Prob. 29PCh. 8 - Prob. 30PCh. 8 - Prob. 31PCh. 8 - Prob. 32PCh. 8 - Prob. 33PCh. 8 - Prob. 34PCh. 8 - Prob. 35PCh. 8 - Prob. 36PCh. 8 - Prob. 37PCh. 8 - Prob. 38PCh. 8 - Noventis Corporation prepared the following...Ch. 8 - Prob. 40PCh. 8 - Prob. 41PCh. 8 - Prob. 5DYSCh. 8 - ACCOUNTING STANDARDS CASE 1SEGMENT REPORTING...Ch. 8 - ACCOUNTING STANDARDS CASE 2INTERIM REPORTING...Ch. 8 - Prob. 8DYSCh. 8 - Prob. 9DYS
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Similar questions
- U.S. GAAP requires several entity-wide disclosures. If an enterprise does not define operating segments internally on a product-line basis or has only one operating segment, disclosure of revenues derived from each product or service is required.arrow_forwardExplain how an enterprise determines its operating segments and the factors that influence this determination.arrow_forwardWhich of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitabilityarrow_forward
- Under what conditions must an enterprise provide information about products and services?arrow_forwardAn operating segment is a component of an entity: a. That engages in business activities from which it may earn revenue and incur expenses b. Whose operating results are regularly reviewed by the entity’s chief operating decision maker c. For which discrete information is available d. All of the choices characterize an operating segmentarrow_forwardChoose the correct. Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements. c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.arrow_forward
- Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements.c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.arrow_forwardInternal accounting information is used primarily for internal decision making by an enterprise’smanagement.a. What are the three primary purposes of internal accounting information?b. Which of these is the most general and which is the most specific?c. Give several examples of the kinds of decisions that internal accounting information supports.arrow_forwardWhich of the following is NOT one of the definitions of Management Accounting? Select one: a. Any form of accounting which enables a' business to be conducted more efficiently b. The process of identification, measurement, accumulation, analysis, preparation and communication of financial information used by management to plan evaluate and control within the organisation and to assure appropriate use and accountability for its resources c. A system of collection and presentation of relevant economic information relating to an enterprise for planning, controlling and decision making d. An information system which provides information to the external users of financial information.arrow_forward
- Using concrete examples, explain how International Accounting Standard 23 might apply to your company's assets.arrow_forwardWhy is it important for a company to operate cross-functionally?arrow_forwardSegment Reporting To provide information that can be used to evaluate _____ and ______ across different lines of business and in different parts of the world, Multinational Corporations (MNCs) disaggregate consolidated totals and provide disclosures on a segment basis. This information may also be used to assess how __________ an MNC is. Fill in the spaces?arrow_forward
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