Topic: Operating Segments Requirements: (Show Solutions)a. Identify the reportable segments under the quantitative thresholds of PFRS 8.b. Determine whether the reportable segments meet the limit on external revenues under PFRS 8.c. Determine the minimum amount of revenue that warrants disclosure of a major customer. 3. Information on an entity's operating segments is shownbelow:Operating ExternalsegmentsInternalTotalProfit(Loss)Identifiablerevenuerevenuerevenueassets1,200,000200,000 1,400,000 (300,000)100,000 1,000,000 (180,000)5,000,000B900,0001,300,000800,000250,000 1,050,000220,000900,000600,000160,000760,000270,0001,800,000(20,000)(30,000)E300,000300,000800,000F200,000200,0001,200,000999Totals 4,000,000710,000 4,710,000(40,000)11,000,000 Requirements:a. Identify the reportable segments under the quantitativethresholds of PFRS 8.b. Determine whether the reportable segments meet the limit onexternal revenues under PFRS 8.Determine the minimum amount of revenue that warrantsC.disclosure of a major customer.

Segment reporting is mandatory upon fulfilling the stipulated criteria as prescribed by the…

3. Information on an entity's operating segments is shown below: Operating External segments Internal Total Profit (Loss) 200,000 1,400,000 (300,000) 100,000 1,000,000 (180,000) Identifiable revenue revenue revenue assets 1,200,000 5,000,000 900,000 1,300,000 800,000 250,000 1,050,000 220,000 900,000 1,800,000 600,000 160,000 760,000 270,000 300,000 800,000 (20,000) (30,000) (40,000) 300,000 200,000 200,000 4,000,000 1,200,000 11,000,000 Totals 710,000 4,710,000 ABCDEE

3. Information on an entity's operating segments is shown below: Operating External segments Internal Total Profit (Loss) 200,000 1,400,000 (300,000) 100,000 1,000,000 (180,000) Identifiable revenue revenue revenue assets 1,200,000 5,000,000 900,000 1,300,000 800,000 250,000 1,050,000 220,000 900,000 1,800,000 600,000 160,000 760,000 270,000 300,000 800,000 (20,000) (30,000) (40,000) 300,000 200,000 200,000 4,000,000 1,200,000 11,000,000 Totals 710,000 4,710,000 ABCDEE

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The purpose of presenting comparative information in the transition to IFRS is: a. to ensure that the information is a faithful representation. b. to be in accordance with the Sarbanes-Oxley Act. c. to provide users of the financial statements with information on GAAP in one period and IFRS in the other period. d. to provide users of the financial statements with information on IFRS for at least two periods.
Which of the following best describes what we mean when we refer to the quality of financial statements? O A. Showing only revenue from product sells. B. Presenting all relevant information in a fair and complete manner. O C. Listing all assets in alphabetical order. OD. All of the above.
Explain the following and describe its impact on the financial statements: a. cost principle b. conservatism c. time period assumption
company operating results include all of the following EXCEPT: a. Ratio Analysis b. Vertical Analysis c. Circular Analysis d. Horizontal Analysis
Which of the following sets includes only accounting assumptions and conventions? a. timeliness, prudence, historical cost, and neutrality b. matching, comparability, period of timem and reliability c. monetary unit, going concern, relevance, and materiality d. monetary unit, entity, going concern, and realization-recognition
The relevance of providing information in financial statements is subject to the constraint of a.Faithful representation b.Cost-benefit c.Comparability d.Reliability
Choose the correct.Which of the following items is not required to be reported in interim financial statements for each material operating segment?a. Revenues from external customers.b. Intersegment revenues.c. Segment assets.d. Segment profit or loss.
Which of the following items is not required to be reported in interim financial statements for each material operating segment?a. Revenues from external customers.b. Intersegment revenues.c. Segment assets.d. Segment profit or loss.
The FASB has established a Five-Step process to recognize revenue. Which of the following is not one of those steps? A. Ability to identify the contract with the customer. B. Determination thatcollection of the entitled contractual consideration from the customer is probable. C. Properly identify all of the performance obligations within the contract. D. Ability to determine the transaction price. E. Properly identify all of the deliverables and allocate the transaction price to each.
The following are required operating segment disclosure items, EXCEPT: Segment cash flows None of the listed choices Segment Liabilities Segment profit or loss Segment assets
Revenue generally should be recognized Select one: when realized. when the performance obligation is satisfied. at the time of cash collection. at the end of production.