Exam 8: Segment and Interim Reporting

Which of the following costs require similar treatment to Property Tax Expense in an interim financial report? 1) Annual major repairs. 2) Advertising expense. 3) Bonus expense, if estimable. 4) Quantity discounts based on annual sales.

According to International Financial Reporting Standards (IFRS), all of the following are part of minimum components of interim financial reporting except:

Which of the following is false with regard to accounting standards for segment reporting according to International Financial Reporting Standards (IFRS) and U.S.GAAP?

What is the minimum amount of revenue an operating segment must have to be considered a reportable segment?

Which operating segments are reportable under the asset test?

Vapor Corporation has a fan products operating segment.With respect to the following, which is Vapor not required to report for this segment?

What is meant by the term: disaggregated financial information?

Kaycee Corporation's revenues for the year ended December 31, 2017, were as follows: Consolidated Revenue per the Income Statement: $1,200,000 Division 1 Intersegment Sales: $180,000 Division 2 Intersegment Sales: $60,000 For purposes of the Revenue Test, what amount will be used as the benchmark for determining whether a segment is reportable?

Which operating segments are separately reportable under the operating profit or loss test?

How should seasonal revenues be reported in an interim report?

Which of the following statements is true according to U.S.GAAP regarding operating segment disclosure?

Which one of the following items is not required to be disclosed for each operating segment?

Which of the following is not a required disclosure in an interim financial report?

Which one of the following items must be disclosed for all reportable operating segments in the notes to financial statements? (I.) Revenue from external customers. (II.) Total Segment Assets (III.) Revenues from foreign customers, identified by country.

What is the appropriate treatment in an interim financial report for inventory that has cost below net realizable value?

What approach is used, according to U.S.GAAP, for determining how a business is divided into segments?

Which of the following is a criterion for determining whether an operating segment is separately reportable?

Which of the following is reported for interim financial reports using the integral approach?

In applying the asset test, what is the minimum amount an operating segment must have in order to meet the asset test for a reportable segment?

According to the profit or loss test, which segments would require disaggregation?