Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Question
Chapter 8, Problem 3P
To determine
Identify which of the operating segment disclosures is not required under current U.S. accounting guidelines.
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Under ASC Topic 606 for revenue recognition, which of the following factors is not an indicator of the principal/agent determination?
A. Inventory risk.
B. Credit risk.
C. Shipping terms.
Choose the correct. Which of the following operating segment disclosures is not required under current U.S. accounting guidelines?a. Liabilitiesb. Interest expensec. Intersegment salesd. Unusual items
Which of the following statements about IFRS and GAAP accounting and reporting requirements for the balance sheet is not correct?
a. Both IFRS and GAAP distinguish between current and non-current assets and liabilities.
b. The presentation formats required by IFRS and GAAP for the balance sheet are similar.
c. Both IFRS and GAAP require that comparative information be reported.
d. One difference between the reporting requirements under IFRS and those of the GAAP balance sheet is that an IFRS balance sheet may list long-term assets first.
Chapter 8 Solutions
Advanced Accounting
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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Similar questions
- Which of the following statements about IFRS and GAAP accounting and reporting requirements for the balance sheet is not correct? a. Both IFRS and GAAP distinguish between current and non-current assets and liabilities. b. The presentation formats required by IFRS and GAAP for the balance sheet are similar. c. Both IFRS and GAAP require that comparative information be reported.arrow_forwardWhich of the following items is not required to be reported in interim financial statements for each material operating segment?a. Revenues from external customers.b. Intersegment revenues.c. Segment assets.d. Segment profit or loss.arrow_forwardUnder the U.S. GAAP, which of the following is not an approach used to determine when to report an expense? A. match with revenues B. when incurred C. systematic allocation D. net realizable valuearrow_forward
- With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP and IFRS?arrow_forwardThe following are disclosed when there are related party transactions during the periods covered by the financial statements: Select the correct response: Doubtful debts recognized on the outstanding balances All of these Nature, terms and amount of the transaction and outstanding balances Nature of the related party relationship Which of the following cost formulas is not allowed under PAS 2? Select the correct response: Weighted average LIFO Specific identification FIFOarrow_forwardWhich statement about US GAAP and IFRS accounting standards is true? O US GAAP requires that assets be divided up into current and non-current assets while IFRS does not require such division. O Both US GAAP and IFRS require that owners' equity be listed after liabilities. O US GAAP will generally list assets and liabilities in order from most liquid to least liquid while IFRS will generally do the opposite. Both US GAAP and IFRS require that non-current liabilities be listed before current liabilities.arrow_forward
- Choose the correct.Which of the following items is not required to be reported in interim financial statements for each material operating segment?a. Revenues from external customers.b. Intersegment revenues.c. Segment assets.d. Segment profit or loss.arrow_forwardThere are areas of differences between IFRS and GAAP definition recognition measurements allowing alternatives for recognition and measurement lack of requirements presentation of items in financial statements disclosure in the notes of Financial Statements Please explain and analyze the effects of the differences mentioned above on the Financial Statements with regard to the following: Current liabilities Provisions Employee benefits Share-based payment Income Taxes Revenue Financial Instruments Leases For example, you can explain how IFRS and GAAP define "Current liabilities." Then how do they recognize and measure "Current liabilities", do both standards have alternative ways of recognition and measurement? If yes, how does this impact the financial statements? Also, do both standards lack some requirements about "Inventories," and do they differ in presentation and disclosure in the notes of the financial statements? so the same should apply on the rest i.e. Provisions,…arrow_forwardComprehensive income includes items not included in the computation of net income, such as foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. True Falsearrow_forward
- Which of the following is classified as current non-trade receivabke? A. Advances to affiliates B. Supplier's debit balances C. Accounts receivable D. Customers's credit balancearrow_forwardWhich of the following is a limitation of the direct write-off method of accounting for uncollectibles? a. The direct write-off method overstates assets on the balance sheet. b. The direct write-off method does not match expenses against revenue very well. c. The direct write-off method does not set up an allowance for uncollectibles. d. All of the abovearrow_forwardThe allowance for doubtful accounts, which appears as a deduction from accounts receivable on a statement of financial position and which is based on an estimate of bad debts, is an application of which of the following? a. Expense recognition principle. b. Consistency characteristic. c. Materiality quality. O d. Revenue recognition principle.arrow_forward
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