Advanced Accounting (Looseleaf)
12th Edition
ISBN: 9780077632595
Author: Hoyle
Publisher: MCG
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Question
Chapter 8, Problem 4P
To determine
Identify the true statement in determining whether a particular operating segment is of significant size to warrant disclosure.
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Choose the correct. In determining whether a particular operating segment is of significant size to warrant disclosure, which of the following is true?a. Three tests are applied, and all three must be met.b. Four tests are applied, and only one must be met.c. Three tests are applied, and only one must be met.d. Four tests are applied, and all four must be met.
Apply the three tests that are used to determine which operating segments are of significant size to warrant separate disclosure.
The following are nine situations, each containing two means of accumulating evidence:
1 (Click the icon to view the nine situations.)
Requirements
а.
Identify the six factors that determine the reliability of evidence.
b.
For each of the nine situations, state whether the first or second type of evidence is more reliable.
С.
For each situation, state which of the six factors affected the reliability of the evidence.
Requirement a. Identify the six factors that determine the reliability of evidence. (Identify all six from the list below.)
A. Analytical procedures
B. Timeliness
| C. Inquiries of the client
D. Recalculation
] E. Auditor's direct knowledge
OF. Degree of objectivity
O G. Documentation
] H. Effectiveness of client's internal controls
I. Independence of provider
J. Qualifications of individual providing the information
O K. Confirmation
Chapter 8 Solutions
Advanced Accounting (Looseleaf)
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 - Prob. 13PCh. 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
- Operationalize the five ways of establishing validity in measurement by giving each two (2) examples. 1. Face Validity 2. Content Validityarrow_forwardWhat are two operational reports produced by the FRS that provide proof to the accuracy of the process?arrow_forwardAccording to PFRS 8, there may be a practical limit to the number of reportable segments that an entity separntely discloses beyond which segment intormation may become too detailed. Although no precise limit has been determined, it the number of segments reportable according to the quantitative threshold reaches this number, the entity should consider whether a practical limit has been reached. A. Above ten (10) B. Above three (3) C. Below ten (10) D. Below three (3)arrow_forward
- 1. What type of events are needed to be disclosed if identified as materials and those are indicative of conditions that arose after the reporting period? 2. These two are defined as the positive and negative effects of event to an entity. Please answer this two questions. This are under IAS 10.arrow_forwardList three reasons management may ask for an operational audit to be performed, and explain how the audit program would be impacted by each of them.arrow_forwardList five things that are required of an auditor by SSARS for acompilation.arrow_forward
- Differentiate among the FOUR (4) types of audit reports that may be issued.arrow_forwardExplain what is meant by independent checks on performanceand give five specific examples.arrow_forward3. Questions requiring answering briefly (1) List three kinds of audit tests and describe their objectives.arrow_forward
- Listed in the table below are some common audit procedures. For each procedure below: Identify whether it is a test of control (TOC), substantive test of transaction (STOT), analytical procedure (AP) or a test of details of balances (TODOB). Write your answer in the 2nd column of the table below. State one audit objective that is being satisfied. Write your answer in the 3rd column of the table below. Procedure (a) Type of Test (b) Audit Objective Example: Compare the quantity and description of items on duplicate sales invoices with related shipping documents. STOT Accuracy 1.Foot the list of accounts payable and trace the balance to the general ledger. 2. Account for the sequence of purchase orders 3. Select a sample of purchase transactions from purchase journal and trace them to vendors’ invoices and statements 4. Exam cash payments subsequent to the balance date to see if they are related to unrecorded…arrow_forwardPlease answer all 3 subparts. Question 1 (i) What are the 5 components of the COSO framework? A. Risk assessment, control environment, control activities, information and communication, monitoringB. Control environment, risk assessment, control activities, information and communication, monitoring.C. Control activities, monitoring, information and communication, control environment monitoringD. Control activities, control environment, risk assessment, monitoring, information and communication (ii) An opinion which is given by the auditor when the financial statements give a true and fair view except for a particular matter, which the auditor explains is called:A. An adverse opinionB. An unmodified opinionC. A qualified opinionD. A disclaimer opinion (iii) Which of the following is NOT a reason why linking reward to performance may not solve remuneration problems?A. Unsuitable measures of performance may be selected B. Many performance measures are based on the short term resultsC.…arrow_forward3. Give two examples of analytical procedures available to an auditor: ________________ ________________arrow_forward
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