Levens Co. operates in several distinct business segments. The company does not have any reportable foreignoperations or major customers.Required:1. What is the purpose of operating segment disclosures?

Q: ot considered when determining whether an operating segment qualifies as a reportable segment?

A: An operating segment will be qualified as a reportable segment only if the business is able to…

Q: The Question is: True or False & Why?: Comparability across companies will be enhanced since ASC…

A: ASC606 is the new guideline set up by IASB and FASB together to overcome the disparity in revenue…

Q: A business entity is required to maintain the same accounting policies. However, the entity is…

A: Accounting policy: It is a specific principle, guidelines rule, system applied by firms when they…

Q: Is there any relevance for double entry in accounting. Why would it be impossible to insist single…

A: Double-Entry Accounting:It's like a detailed and balanced record-keeping system.Every financial…

Q: Accrual accounting can result in wide variations in operating result within an industry.

A: Accrual accounting is a method of accounting that records transactions when they occur, rather than…

Q: give your opinion on differences in accounting records for trading companies and service companies.…

A: 1. Difference: Trading companies: A trading company is the one in which the sale and purchase of…

Q: Which of the following is incorrect?

A: Accounting system is a structured system that is incorporated in a business entity to collect,…

Q: Generally accepted accounting principles (GAPP) require companies to use Select one: a. None of the…

A: GAAP (Generally Accepted Accounting Principles) are the set of rules and guidelines as prescribed by…

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A: Liquidity, acid test, and debt ratios are some of the most important ratios. These ratios help the…

Q: -Which of the following will be not be called as Source Document of a Business?

A: Answer

Q: ial rep

A: Financial Reporting Servicing Whether it's production or service, there are various divisions that…

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A: Accounting Standards are standard set of rules or practices which must be followed at the time of…

Q: Which of the following is true regarding GAAP and IFRS? None of the answers are correct. GAAP and…

A: GAAP stands for General Accepted Accounting Principles and refers to rules and regulations of…

Q: How harmed are small companies by the accounting requirements regarding uniformity and disclosure…

A: Uniformity The practice of mandating firms to enter financial data and create income reports in…

Q: Many non-U.S. companies make annual reports available on their corporate website. Access the…

A: Hi, since there are many sub parts to this question, we are answering only first four sub parts.

Q: What is accrual accounting and why is it the preferred method for most organisations?

A: The following are two methods used for financial reporting as follows under:-.Cash accountingAccrual…

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A: Every company has to taxes on its income earned.

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A: The International financial reporting standards(IFRS) and Accounting standards for Private…

Q: True or False & Why? : Comparability between businesses will be improved since ASC 606 establishes…

A: The Answer

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A: Accounting principle are the basis on which the whole accounting all over the world is based on.…

Q: Choose the correct. Under current U.S. accounting guidelines, which of the following items of…

A: Revenues generated from export sales information not required to disclose, even if it were material…

Q: explain appropriate analyst adjustments to a company’s fi nancial statements to facilitatecomparison…

A: Definition: Common size financial statements: These are the financial statements in which all the…

Q: Which is an incorrect statement below? A. The name of the parent and the ultimate parent of the…

A: The related party is the party that is directly or indirectly related to the company for which the…

Q: "Distinction should be made between the personal transactions of owner and those of entity." Which…

A: Option c is correct.  Business entity concept says that the business and the owner are two different…

Q: accounting standards require companies to group items within OCI based on __________:   U.S. GAAP;…

A: Solution: IFRS,  accounting standards require companies to group items within OCI based on "whether…

Q: 2 Which of the following statement is not true? A The format of special journals that a business…

A: Financial accounting process starts with journalizing the transactions. It is also known as…

Q: Archibald Corporation, a public corporation exchanged an asset with Bass Industries. The following…

A: Journal Entries on the books of Archibald Corp assuming that the exchange would have commercial…

Q: Standards for comparisons in financial statement analysis does not include: a. Customers’ standards.…

A: Financial statements are statements that are prepared at the end of the financial period in order to…

Q: ms, given the measures used? • How would you interpret the total amount for property, plant and…

A: 1. Measures used to determine the amount- WOW- Property, plant and equipment are measured at cost…

Q: What choice(s) do private enterprises have in their financial reporting in Canada? a. They have no…

A: Financial reporting refers to the procedure of preparing the financial statements of the company…

Q: 14. Mayfield Development, LLC forecasts the following cash flows at the beginning of each year for a…

A: Year Cash Flow 1 697000 2 631000 3 574000 4 898000 5 9981000

Q: Give and explain two unethical ways in which a business may prepare its financial statements

A: Financial statement preparation should adhere to ethical standards to ensure transparency and…

Q: Why should the responsibility for maintaining the accounting records be separated from the…

A: It has generally been seen that in large organizations, the responsibility for operating the…

Q: What is the difference between a specialized industry like banking and airlines to other industries…

A: Specialized industries are those industries that have specific financial and accounting standards…

Q: true or false. Flowcharting is a requirement of Sarbanes-Oxley (SOX). In other words, if a…

A: The correct answer is “False”.

Q: Many corporations struggles, to align the financial statements prepared by foreign branches with…

A: International Finance Reporting Standards (IFRS) International finance Reporting Standards (IFRS)…

Q: Which of the following will be not be called as Source Document of a Business? a. Debit note raised…

A: Source document contains the information about a transaction like, date, amount, party, etc. Debit…