Which of the following statements regarding a business segment is false? Multiple Choice A business segment's income for the period prior to the disposal and the gain or loss resulting from disposing of the segment's assets are reported separately. A business segment has assets, liabilities, and financial results of operations that can be separated from those of other parts of the company. A business segment is a part of a company that is separated by its products/services or by geographic location.

Which of the following statements regarding a business segment is false? Multiple Choice A business segment's income for the period prior to the disposal and the gain or loss resulting from disposing of the segment's assets are reported separately. A business segment has assets, liabilities, and financial results of operations that can be separated from those of other parts of the company. A business segment is a part of a company that is separated by its products/services or by geographic location.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: When a merchandising business is compared to a service business, the financialstatement thatis…

A: Merchandising business: It is a set of activities we do to sell our product and services to the…

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: Gross profit and income from operations are reported on a multiple- step but not a single-step…

A: Income statement means a statement where the all income , revenue , expenses and losses are given…

Q: Expenses NOT related to the primary operations of the business are listed in a separate section of…

A: The income statement is the statement that is prepared to calculate the net income and the net loss…

Q: Comparisons of financial data made within a company are called A) intercompany comparisons. B)…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: Do expenses imply "sacrifices" required in the effort the business makes to generate revenue?…

A: The objective of the question is to understand if expenses in a business context can be considered…

Q: Information about a segment of the business that a company sells, abandons, or otherwise disposes of…

A: Income statement is the one which is prepared by the entity to show the profits of the entity. In…

Q: Information about a segment of the business that a company sells, abandons, or otherwise disposes of…

A: Discontinued operations are sections of a company's primary business or product line that have been…

Q: That a business may only report activities on financial statements that are specifically related…

A: Accounting concepts are those rules and regulations which are used for the purpose of accounting and…

Q: Match the following terms Question 1 options: benchmarking analysis ratio analysis…

A: Lets understand the meaning of benchmarking analysis, ratio analysis, solvency and liquidity.…

Q: Gross profit and income from operations are reported on a multiple-step but not a single-step income…

A: Gross profit: It is a profit earned by a firm after deducting its cost related to production from…

Q: The disclosure requirements for an operating segment do not include: a. Unusual items b. Income tax…

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

Q: What is "The units-of-output method" and "The staright-line method" in accounting? What are their…

A: Companies use tangible long term resources to perform daily operations and create revenue for its…

Q: What would be the effect of a business overstating the value of its closing inventories? O A.…

A: Overstating of Inventories means recording the inventories in the books at a higher value than the…

Q: which of the following is FALSE regarding a firm's financial statements? Inventory is part of…

A: Financial statements -are the final reports prepared by management staff of a company to present…

Q: Which of the following statements about accounting income and economic income is (are) correct? I.…

A: Accounting profits includes explicit costs only, whereas economic profits includes both explicit and…

Q: Which of the following statements is correct? Mutiple Choice The term single step income statement…

A: Income statement :— It is one of the financial statement that shows profitability, total revenue and…

Q: Which are segments are reportable segments? Is there a sufficient number of reportable segments…

A: As per US GAAP, a segment should pass the following test to become a reporting segment: -(1) 10%…

Question

Which of the following statements regarding a business segment is false? Multiple Choice A business segment's income for the period prior to the disposal and the gain or loss resulting from disposing of
the segment's assets are reported separately. A business segment has assets, liabilities, and financial results of operations that can be separated from those of other parts of the company. A business
segment is a part of a company that is separated by its products/services or by geographic location.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Core concpet

VIEW

Step 2: Explanation

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What is meant by discontinued operations, and what can I put as one example.What is meant by comprehensive income? and what example can I put down
In 1993, Windsor Company completed the construction of a building at a cost of $2,160,000 and first occupied it in January 1994. It was estimated that the building will have a useful life of 40 years and a salvage value of $65,600 at the end of that time. Early in 2004, an addition to the building was constructed at a cost of $540,000. At that time, it was estimated that the remaining life of the building would be, as originally estimated, an additional 30 years, and that the addition would have a life of 30 years and a salvage value of $21,600. In 2022, it is determined that the probable life of the building and addition will extend to the end of 2053, or 20 years beyond the original estimate. (a) Your answer is correct. Using the straight-line method, compute the annual depreciation that would have been charged from 1994 through 2003. Annual depreciation from 1994 through 2003 2$ / yr. 52360 eTextbook and Media List of Accounts
Income statement represents the process to arrive at net profit through the firm's normal operation. True False
Which of the following conditions would not indicate that two business segments should be classified as a single operating segment? They have similar amounts of intersegment revenues or expenses. They have a similar distribution of products. They have similar production processes. They have similar products or services. Other:________________________________
Which limitation of an income statement occurs when one company uses an accelerated depreciation method while another company uses straight-line depreciation? O Companies omit from the income statement items they cannot measure reliably. O Income measurement involves judgment. O Income numbers are affected by the accounting methods employed. All of these answer choices are correct.