Segment 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?

Segment 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?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 4PA: Each of the following situations relates to a different company. A. For each of these independent...

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What is the value of triple bottom line reporting to users? What is the cost to the company to provide this extra information?
Which of the following does U.S. GAAP not consider to be an objective of segment reporting? a.It helps users better understand the enterprise’s performance. b. It helps users better assess the enterprise’s prospects for future cash flows. c. It helps users make more informed judgments about the enterprise as a whole. d. It helps users make comparisons between a segment of one enterprise and a similar segment of another enterprise 21. Livro Company has three operating segments with the following information: Books Calendars Bags Sales to outsiders $12,000 $9,000 $8,000 Intersegment transfers 1,000 500 1,500 In addition, corporate headquarters generates revenues of $2,000. What is the minimum amount of revenue that each of these segments must generate to be considered separately reportable? a.$2,900 b.$3,200 c.$3,300 d. $3,400
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?
Which of the following does U.S. GAAP not consider to be an objective of segment reporting?a. It helps users better understand the enterprise’s performance.b. It helps users better assess the enterprise’s prospects for future cash flows.c. It helps users make more informed judgments about the enterprise as a whole.d. It helps users make comparisons between a segment of one enterprise and a similar segment of another enterprise.
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.
Choose the correct. Which of the following does U.S. GAAP not consider to be an objective of segment reporting?a. It helps users better understand the enterprise’s performance.b. It helps users better assess the enterprise’s prospects for future cash flows.c. It helps users make more informed judgments about the enterprise as a whole.d. It helps users make comparisons between a segment of one enterprise and a similar segment of another enterprise.
Which of the following is not required for segment reporting? Reconciliation of reported segment items to consolidated financial statement items Identification of key members of the management team for each segment Explanation of basis for determining segments Description of the products and services that generate revenue for each segment
Current Attempt in Progress Your answer is partially correct. A company found itself with access to the following types of data. • Human resources data. • Lender and shareholder data. • Customer service data. • Industry reports. Classify each type of data in terms of its source, internal or external, and also in terms of its format, structured or unstructured. For any of the above sources that were identified as unstructured, describe a specific example of data within that source that could be unstructured. Format Specific example Structured and Unstructured Employee Personnel Records Data Type Human resources data Source Internal Lenders and shareholder data External ✓ Structured Customer service Internal Audio Recordings of Phone Calls Structured and Instructured Audio Recordings of Customer Phone Calle
An 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 segment
What is meant by GAAP? Why should companies follow GAAP in reporting to external users?
Internal 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.
Consistent with ASC Topic 280 which of the following is a key characteristic defining a separate segment for reporting purposes? The unit: Multiple Choice produces discrete financial information. produces information that is used by chief operating decision makers. earns revenue within or outside the company represents the largest unit of a large corporation.