Question 1

Which of the following must be disclosed by a geographic segment according U.S.GAAP?

Accepted Answer

A)  Operating profit or loss. 
B)  Gross profit. 
C)  Total assets. 
D)  Revenues from external customers. 
E)  Revenues from internal customers. 
A)  Operating profit or loss. 
B)  Gross profit. 
C)  Total assets. 
D)  Revenues from external customers. 
E)  Revenues from internal customers.

Question 2

All of the following are required to be reported in interim financial statements with respect to material operating segments, except:

Accepted Answer

A)  Segment assets. 
B)  Segment revenues from external customers. 
C)  Intersegment revenues. 
D)  Segment profit or loss. 
E)  Reconciliation of segment profit or loss to total income before taxes. 
A)  Segment assets. 
B)  Segment revenues from external customers. 
C)  Intersegment revenues. 
D)  Segment profit or loss. 
E)  Reconciliation of segment profit or loss to total income before taxes.

Question 3

Kurves Corp.had six different operating segments reporting the following operating profit and loss figures:   Which one of the following statements is true?

Accepted Answer

A)  Segment A is a reportable segment based on this test. 
B)  Segment B is not a reportable segment based on this test. 
C)  Segment E is a reportable segment based on this test. 
D)  Segment C is not a reportable segment based on this test. 
E)  Segment D is a reportable segment based on this test. 
A)  Segment A is a reportable segment based on this test. 
B)  Segment B is not a reportable segment based on this test. 
C)  Segment E is a reportable segment based on this test. 
D)  Segment C is not a reportable segment based on this test. 
E)  Segment D is a reportable segment based on this test.

Question 4

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

Accepted Answer

A)  Net income. 
B)  Earnings per share. 
C)  Gross profit. 
D)  Significant changes in estimates or provisions for income taxes. 
E)  Disposal of a component, net of income taxes. 
A)  Net income. 
B)  Earnings per share. 
C)  Gross profit. 
D)  Significant changes in estimates or provisions for income taxes. 
E)  Disposal of a component, net of income taxes.

Question 5

Which of the segments are separately reportable?

Accepted Answer

A)  DVDs only. 
B)  DVDs and MP3s. 
C)  DVDs and VCRs. 
D)  VCRs and MP3s. 
E)  DVDs, VCRs, and MP3s. 
A)  DVDs only. 
B)  DVDs and MP3s. 
C)  DVDs and VCRs. 
D)  VCRs and MP3s. 
E)  DVDs, VCRs, and MP3s.

Exam 8: Segment and Interim Reporting

Which of the following must be disclosed by a geographic segment according U.S.GAAP?

All of the following are required to be reported in interim financial statements with respect to material operating segments, except:

Kurves Corp.had six different operating segments reporting the following operating profit and loss figures: Which one of the following statements is true?

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

Which of the segments are separately reportable?

The Equity Method of Accounting for Investments

A: the Equity Method of Accounting for Investments

Consolidation of Financial Information

A: Consolidation of Financial Information

Consolidations - Subsequent to the Date of Acquisition

A: Consolidations - Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

A: Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements Intra-Entity Asset Transactions

A: Consolidated Financial Statements Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flows, and Other Issues

A: Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flows, and Other Issues

Consolidated Financial Statements - Ownership Patterns and Income Taxes

A: Consolidated Financial Statements - Ownership Patterns and Income Taxes

A: Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

A: Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

A: Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Accounting Standards

A: Worldwide Accounting Diversity and International Accounting Standards

Financial Reporting and the Securities and Exchange Commission

A: Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

A: Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operation

A: Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

A: Partnerships: Termination and Liquidation

Accounting for State and Local Governments, Part I

A: Accounting for State and Local Governments, Part I

Accounting for State and Local Governments, Part II

A: Accounting for State and Local Governments, Part II

Accounting for Not-For-Profit Entities

A: Accounting for Not-For-Profit Entities

Accounting for Estates and Trusts

A: Accounting for Estates and Trusts

Filters