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 7P
To determine
Identify the criterion for determining whether an operating segment is separately reportable.
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Which of the following is a criterion for determining whether an operating segment is separately reportable?a. Segment liabilities are 10 percent or more of consolidated liabilities.b. Segment profit or loss is 10 percent or more of consolidated net income.c. Segment assets are 10 percent or more of combined segment assets.d. Segment revenues from external sales are 5 percent or more of combined segment revenues from external sales.
Which of the following is not a quantitative threshold for defining a segment’s materiality?
Segment assets are 10% or more of the combined assets of all operating segments.
The segment absolute value of its profit or loss is 10% or more of the greater of (1) the combined reported profit of all operating segments that reported a profit or (2) the absolute value of the combined reported loss of all operating segments that reported a loss.
Segment reported revenue, including intersegment revenues, is 10% or more of the combined revenue of all operating segments.
Segment residual profit after the cost of equity is 10% or more of the combined residual profit of all operating segments.
Which of the following types of quantitative information are required to be disclosed in Form 10-K for each reportable segment?
Select one:
a. Profit or loss amounts
b. Total assets amounts
c. The amount of revenue from a single customer representing 10% or more of any reportable segment's total revenue.
d. A and B
e. B and C
f. A and C
g. A, B, and C
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
- An operating segment under IFRS is identified as a reportable segment if a.its revenue is greater than 10% of the combined revenue of all the company's operating segments. b. its identifiable assets are greater than 10% of the combined assets of all operating segments. c. the absolute amount of its profit (loss) is 10% or more of the greater in absolute amount, of the combined operating segments' profit, or of the combined operating segments' loss. d. any of the above options are satisfied.arrow_forwardWhat is the minimum number of operating segments that must be separately reported?a. Ten.b. Segments with at least 75 percent of revenues as measured by the revenue test.c. At least 75 percent of the segments must be separately reported.d. Segments with at least 75 percent of the revenues generated from outside parties.arrow_forwardAn entity shall report information about an operating segment that meets any of the following quantitative thresholds except. Choices; The segment revenue, including both sales to external customers and intersegment sales or transfers, is 10% or more of combined revenue, internal and external, of all operating segments. The assets of the segment are 10% or more of the combined assets of all operating segments. The absolute amount of profit or loss of the segment is 10% or more of the greater in absolute amount of combined profit of all operating segments that reported a profit. The absolute amount of profit or loss of the segment is 10% or more of the greater in absolute amount of combined loss of all operating segments.arrow_forward
- Choose the correct. What is the minimum number of operating segments that must be separately reported?a. Ten.b. Segments with at least 75 percent of revenues as measured by the revenue test.c. At least 75 percent of the segments must be separately reported.d. Segments with at least 75 percent of the revenues generated from outside parties.arrow_forwardAccording to IFRS, an operating segment is a reportable segment if a.the absolute amount of its reported profit or loss is 10% or more of the greater, in absolute amount, of (a) the combined reported operating profit of all operating segments that did not incur a loss, or (b) the combined reported loss of all operating segments that did report a loss. b.the absolute amount of its operating profit or loss is 10% or more of the greater, in absolute amount, of (a) the combined reported operating profit of all operating segments that incurred a loss, of (b) the combined reported profit of all operating segments that did report a profit. c. its operating loss is 10% or more of the combined operating losses of segments that incurred an operating loss. d. its operating profit is 10% or more of the combined operating profit of profitable segments only.arrow_forward5. For common-size statement of comprehensive income , _______________ is set 100% a. Net Sales b. Gross Profit c. Net Income d. Total Assetarrow_forward
- Which of the following is NOT a reportable segment criteria. Question Answer a. Its assets are 10% of mare of the combined assets of all operating segments b Its reported revenue, from internal and extemal customers, is 10% or more of the combined revenuec. All of the above d. Its reported profit or loss is 15% or more of the greater of (1) the combined profit of all operating segments that did not report a loss; and (1) the combined reported loss of all operating segments that reported a loss: ofarrow_forwardPresented below are four segments that have been identified by XYZ, Inc. TE Segments Total revenue Profit (Loss) Identifiable Assets A 1,800,000 200,000 (350,000) 20,000 30,000 6,000,000 6,000,000 1,500,000 3,000,000 B 4,000,000 600,000 C D 1,300,000 Identify the reportable segments under the quantitative thresholds of PFRS 8.arrow_forward5. In the income statement for the current year, the entity which is subject to the requirements of segment report, reported external sales of P60,000,000, internal sales of P5,000,000, expenses of P45,000,000. The combined total assets of all operating segments at year-end amounted to P56,000,000. What is the lowest amount of external revenue that should be disclosed by reportable segments? A. 45,000,000 B. 15,000,000 C. 6,500,000 D. 3,750,000 E. None of themarrow_forward
- Which statement is true concerning the 75% overall size test for reportable segments? a. The total external and internal revenue of all reportable segments is 75% or more of the entity’s external revenue. b. The total external revenue of all reportable segments is 75% or more of the entity’s external and internal revenue c. The total external revenue of all reportable segments is 75% or more of the entity’s external revenue d. The total internal revenue of all reportable segments is 75% or more of the entity’s internal revenuearrow_forwardHow should an entity perform the 10% test when each of its operating segments reports different measures of segment profitability and segment assets?arrow_forwardIn the income statement for the current year, the entity which is subject to the requirements of segment report, reported external sales of P60,000,000, internal sales of P5,000,000, expenses of P45,000,000. The combined total assets of all operating segments at year-end amounted to P56,000,000. What is the lowest amount of external revenue that should be disclosed by reportable segments?arrow_forward
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