Exam 8: Segment and Interim Reporting

Which two items of information must be reported for (1)the domestic country, (2)all foreign countries in which the enterprise derives revenues or holds assets,and (3)each foreign country in which a material amount of revenues is derived or assets are held?

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

REFERENCE: Ref.08_10 Baker Corporation changed from the LIFO method to the FIFO method for inventory valuation during 2008.Baker has an effective income tax rate of 30 percent and 100,000 shares of common stock issued and outstanding.The following additional information is available: -Assuming Baker makes the change in the first quarter of 2008,how much is reported as net income for the first quarter of 2008?

REFERENCE: Ref.08_09 Provo,Inc.has an estimated annual tax rate of 35 percent in the first quarter of 2009.Pretax income for the first quarter was $300,000.At the end of the second quarter of 2009,Provo expects the annual tax rate to be 32 percent because of anticipated tax credits.Pretax income for the second quarter was $350,000.Assume no items in either quarter requiring the net-of-tax presentation. -How much income tax expense is recognized in the first quarter of 2009?

Which of the following statements is true?

Which of the following statements is true regarding the reporting of revenues in an interim report?

How should a change from one generally accepted accounting principle to another accepted principle be handled in a third-quarter income statement?

What is the appropriate treatment in an interim financial report for a LIFO liquidation?

Which items of information are required to be included in interim reports for each operating segment?

REFERENCE: Ref.08_07 Elektronix,Inc.has three operating segments with the following information: In addition,revenues generated at corporate headquarters are $300,000,and common assets are $16,000,000. -Which of the following operating segment disclosures is not required by SFAS 131?

Which tests must a company use to determine which operating segments require separate disclosure?

REFERENCE: Ref.08_07 Elektronix,Inc.has three operating segments with the following information: In addition,revenues generated at corporate headquarters are $300,000,and common assets are $16,000,000. -What is the minimum amount of revenue an operating segment must have to be considered a reportable segment?

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

REFERENCE: Ref.08_07 Elektronix,Inc.has three operating segments with the following information: In addition,revenues generated at corporate headquarters are $300,000,and common assets are $16,000,000. -Which operating segments are separately reportable under the operating profit or loss test?

REFERENCE: Ref.08_04 Dean Hardware,Inc.is comprised of five operating segments.Information about each of these segments is as follows (in thousands): -Which operating segments are reportable under the asset test?

REFERENCE: Ref.08_3 Retro Corp.was engaged solely in manufacturing operations.The following data pertain to the operating segments for 2008: SHAPE \* MERGEFORMAT -What is the minimum amount of profit or loss that each of these segments must earn to be considered separately reportable?

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

REFERENCE: Ref.08_04 Dean Hardware,Inc.is comprised of five operating segments.Information about each of these segments is as follows (in thousands): -In applying the profit and loss test,what is the minimum amount an operating segment must have in order to meet the profit and loss test for a reportable segment?

REFERENCE: Ref.08_02 The Fratilo Co.had three operating segments with the following information: In addition,revenues generated at corporate headquarters are $1,400. -The Rivers Co.had four separate operating segments: What amount of revenues must be generated from one customer before that party must be identified as a major customer?

REFERENCE: Ref.08_07 Elektronix,Inc.has three operating segments with the following information: In addition,revenues generated at corporate headquarters are $300,000,and common assets are $16,000,000. -Which of the segments are separately reportable?