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91. What two disclosure guidelines for operating segment information are
designed to ensure the consistency of data reported from year to year?
92. Describe the test to determine whether a sufficient number of operating
segments are disclosed.
93. What approach is used, according to U.S. GAAP, for determination of how a
business is divided into segments?
94. According to U.S. GAAP, what general information about an operating
segment needs to be disclosed?
95. According to U.S. GAAP, how should common costs be allocated to
individual segments to determine
segment profit or loss
?
96. List the five aggregation criteria that need to be considered by
management in determining whether business activities and environments are
similar.
97. What is the purpose of the U.S. GAAP
seventy-five percent requirement
for
industry segment disclosure?
98. According to U.S. GAAP, what revenues and expenses included in segment
profit or loss need to be disclosed?
99. What related items need to be disclosed in regard to total segment
assets?
100. Which items of information are required to be included in interim reports
for each operating segment?
101. 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
earned?
102. Burnside Corp. is organized into four operating segments. The following
segment information was generated by the internal reporting system in 2011:
Required:
1) What was the
profit or loss
of each of these segments?
2) Prepare the
profit or loss test
to determine which of these segments was
separately reportable.
Requirements (1) and (2)
103. Faru Co. identified five industry segments: (1) plastics, (2) metals, (3)
lumber, (4) paper, and (5) finance. Each of these segments had been
consolidated appropriately by the company in producing its annual financial
statements. Information describing each segment is presented below (in
thousands).
104. Faru Co. identified five industry segments: (1) plastics, (2) metals, (3)
lumber, (4) paper, and (5) finance. Each of these segments had been
consolidated appropriately by the company in producing its annual financial
statements. Information describing each segment is presented below (in
thousands).
Prepare the
profit or loss test
and determine which of these segments was
separately reportable.
