ADVANCED ACCOUNTING >CUSTOM<
14th Edition
ISBN: 9781265537012
Author: Hoyle
Publisher: MCG CUSTOM
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Chapter 8, Problem 5P
To determine
Identify the statement which is not true under U.S. GAAP.
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Choose 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.
What four factors must be considered when
Measuring income in financial statement
Preparation?
When a U.S. company operates globally and its
Financial statements are to be consolidated
With a foreign subsidiary, what must first
Нарpen?
Which of the following is true regarding GAAP and IFRS?
None of the answers are correct.
GAAP and IFRS require specific information be presented in the financial statements for U.S. and international companies.
GAAP and IFRS require specific terminology be used in the financial statements.
GAAP and IFRS determine the financial reporting requirements for specialized companies in a limited number of industries.
GAAP and IFRS are not similar in their reporting requirements.
Chapter 8 Solutions
ADVANCED ACCOUNTING >CUSTOM<
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...
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- What are the acceptable methods of accounting for business operations in a foreign country? Choose a publicly-traded company that operates internationally and identify the impact that the foreign operations have on the financial statements. Explain.arrow_forwardLevens Co. operates in several distinct business segments. The company does not have any reportable foreign operations or major customers.Required:1. What is the purpose of operating segment disclosures?2. Define an operating segment.3. List the amounts to be reported by operating segment.4. How would your answer to requirement 3 differ if Levens Co. prepares its segment disclosure according to International Financial Reporting Standards?arrow_forwardChoose the correct. Under current U.S. accounting guidelines, which of the following items of information is a company not required to disclose, even if it were material in amount?a. Revenues generated from sales of its consumer products line of goods.b. Revenues generated by its Japanese subsidiary.c. Revenues generated from export sales.d. Revenues generated from sales to Walmart.arrow_forward
- Do all transactions by U.S. companies with foreign parties require special accounting procedures by the U.S. companies? Explain.arrow_forwardU.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_forwardWhat accounting issues arise for a company as a result of engaging in international trade (imports and exports)?arrow_forward
- Which of the following is not a problem caused by diversity in accounting practices across countries? Multiple Choice Comparing companies in the same industry that are headquartered in different countries. Translating foreign currency balances into U.S. dollars. Converting local GAAP financial statements into U.S. GAAP for consolidation purposes. Maintaining separate accounting records in both the local and U.S. GAAP. Identifying and retaining personnel who are competent to prepare financial statements in both international and domestic accounting standards.arrow_forwardUnder current U.S. accounting guidelines, which of the following items of information is a company not required to disclose, even if it were material in amount?a. Revenues generated from sales of its consumer products line of goods.b. Revenues generated by its Japanese subsidiary.c. Revenues generated from export sales.d. Revenues generated from sales to Walmart.arrow_forwardHow does a parent company determine the appropriate method for translating the financial statements of a foreign subsidiary?arrow_forward
- How does a parent firm identify the most acceptable approach for translating a foreign subsidiary's financial statements?arrow_forwardThis question is related to (International Accounting) course. Critically discuss the issues associated with the calculation of profit of a foreign subsidiary.arrow_forwardWhat information about revenues by geographic area should a company present?a. Disclose separately the amount of sales to unaffiliated customers and the amount of intra-entity sales between geographic areas.b. Disclose as a combined amount sales to unaffiliated customers and intra-entity sales between geographic areas.c. Disclose separately the amount of sales to unaffiliated customers but not the amount of intra-entity sales between geographic areas.d. No disclosure of revenues from foreign operations need be reported.arrow_forward
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