1. The disclosure requirements for an operating segment do not include:a. Unusual itemsb. Income tax expense or benefitc. Interest revenued. Cost of goods or services sold2. A reconciliation between the numbers disclosed in operating segments and consolidated numbers need not be provided for:a. Cost of goods soldb. Profit or lossc. Net assetsd. Revenues3. Each reportable segment is required to disclose the following information except for:a. Unusual itemsb. Depreciation, depletion, and amortizationc. Capital expendituresd. Gross profit or loss4. An enterprise is required to disclose information about its major customers if 10 percent or more of its revenue is derived fromany single customer. This disclosure must include:a. The products or services generating the revenue from such salesb. The operating segment or segments making such sales and the total revenue from the customerc. The name of the customer to whom the sales were maded. The dollar amounts of revenue and any profit or loss on the sales5. Which of the following is not a criterion for aggregating two or more operating segments?a. The segments should have similar products or services.b. The segments should have similar production processes.c. The distribution of products should be similar.d. The segments should have similar amounts of revenue.6. Required segment disclosures in interim-period statements do not include:a. A measure of segment profit or lossb. Net interest revenueC. A description of a change in segmentation from the last annual reportd. Intersegment revenue

Operating segment is the revenue earning segment of the company which has its own expenses and…

Answered: The disclosure requirements for an…

The disclosure requirements for an operating segment do not include: a. Unusual items b. Income tax expense or benefit c. Interest revenue d. Cost of goods or services sold

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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Question

1. The disclosure requirements for an operating segment do not include:
a. Unusual items
b. Income tax expense or benefit
c. Interest revenue
d. Cost of goods or services sold
2. A reconciliation between the numbers disclosed in operating segments and consolidated numbers need not be provided for:
a. Cost of goods sold
b. Profit or loss
c. Net assets
d. Revenues
3. Each reportable segment is required to disclose the following information except for:
a. Unusual items
b. Depreciation, depletion, and amortization
c. Capital expenditures
d. Gross profit or loss
4. An enterprise is required to disclose information about its major customers if 10 percent or more of its revenue is derived from
any single customer. This disclosure must include:
a. The products or services generating the revenue from such sales
b. The operating segment or segments making such sales and the total revenue from the customer
c. The name of the customer to whom the sales were made
d. The dollar amounts of revenue and any profit or loss on the sales
5. Which of the following is not a criterion for aggregating two or more operating segments?
a. The segments should have similar products or services.
b. The segments should have similar production processes.
c. The distribution of products should be similar.
d. The segments should have similar amounts of revenue.
6. Required segment disclosures in interim-period statements do not include:
a. A measure of segment profit or loss
b. Net interest revenue
C. A description of a change in segmentation from the last annual report
d. Intersegment revenue

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