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43. Elektronix, Inc. has three operating segments with the following
information:
Which operating segments are separately reportable under the assets test?
44. Which of the segments are separately reportable?
45. Which of the following statements is true according to U.S. GAAP regarding
segment or enterprise-wide disclosure?
46. Which of the following is a criterion for determining whether an operating
segment is separately reportable?
47. Which of the following operating segment disclosures is not required by
U.S. GAAP?
48. Vapor Corporation has a fan products operating segment. Which of the
following items does Vapor not have to report for this segment?
49. Which of the following must be disclosed by a geographic segment
according to U.S. GAAP?
50. Which of the following is
not
true for an operating segment according to
U.S. GAAP?
51. Which of the following statements is true?
52. According to U.S. GAAP, which of the following would be an acceptable
grouping by a U.S. company for presentation of information by geographic area?
53. Which of the following would be an acceptable grouping for a U.S.
company to provide information by geographic area?
54. What information does U.S. GAAP require to be disclosed for a major
customer?
55. How should revenues be recognized in interim periods?
56. Which of the following is
not
correct regarding inventory procedures
reported in an interim financial statement?
57. Cement Company, Inc. began the first quarter with 1,000 units of inventory
costing $25 per unit. During the first quarter, 3,000 units were purchased at a
cost of $40 per unit, and sales of 3,400 units at $65 per units were made. During
the second quarter, the company expects to replace the units of beginning
inventory sold at a cost of $45 per unit. Cement Company uses the LIFO method
to account for inventory.
What is the correct journal entry to record cost of goods sold at the end of the
first quarter?
58. Cement Company, Inc. began the first quarter with 1,000 units of inventory
costing $25 per unit. During the first quarter, 3,000 units were purchased at a
cost of $40 per unit, and sales of 3,400 units at $65 per units were made. During
the second quarter, the company expects to replace the units of beginning
inventory sold at a cost of $45 per unit. Cement Company uses the LIFO method
to account for inventory.
The amount of gross profit for the first quarter is:
59. Betsy Kirkland, Inc. incurred a flood loss during the first quarter of 2011
that is deemed both unusual and infrequent. The loss is considered immaterial to
the twelve-month period, but is material in amount relative to the first quarter.
The proper accounting treatment in the first quarter interim statement is to:
60. How should a change from one generally accepted accounting principle to
another accepted principle be handled in a third-quarter income statement?
61. Which of the following is not a required disclosure in an interim financial
report?
62. Which of the following is not a required disclosure in an interim financial
report?
63. Which of the following items of information are required to be included in
interim reports for each operating segment?
(I.) Revenues from external customers
(II.) Segment profit or loss
(III.) Reconciliation of segment profit or loss to the enterprise's total income
before taxes
(IV.) Intersegment revenues
64. How are extraordinary gains reported in a third quarter interim financial
report?
65. What are the two approaches that can be followed in preparing interim
reports?
66. Which of the following is reported for interim financial reports using the
discrete approach?
67. Which of the following is reported for interim financial reports using the
integral approach?
