ADVANCED ACCOUNTING
12th Edition
ISBN: 9780357671221
Author: FISCHER
Publisher: CENGAGE L
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Chapter 12, Problem 10E
To determine
Reportable segment is basically related to international accounting procedures. In other words, it can be said that a reportable segment is a segment of exploitation which is reportable when it meets one of the following criteria: The regular income generated by the segment accounts for 10 percent or more of the business’s total income; the segment has total gains or losses for the year equal to or in excess of 10 percent of the business’s total gains or losses; or the segment's assets are equal to or greater than 10 percent of the business’s total assets.
The segments that are reportable and whether reportable segments represent a significant portion of entity consolidated revenues.
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Chapter 12 Solutions
ADVANCED ACCOUNTING
Ch. 12 - Prob. 1UTICh. 12 - Prob. 2UTICh. 12 - Prob. 3UTICh. 12 - Prob. 4UTICh. 12 - Prob. 1.1ECh. 12 - Prob. 1.2ECh. 12 - Prob. 1.3ECh. 12 - Prob. 1.4ECh. 12 - Prob. 1.5ECh. 12 - Prob. 1.6E
Ch. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4.1ECh. 12 - Prob. 4.2ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Ratable allocation for nonordinary items. Baxter...Ch. 12 - Prob. 9.1ECh. 12 - Prob. 9.2ECh. 12 - Prob. 9.3ECh. 12 - Prob. 10ECh. 12 - Prob. 12.1PCh. 12 - Prob. 12.2PCh. 12 - Prob. 12.3PCh. 12 - Prob. 12.4PCh. 12 - Prob. 12.5PCh. 12 - Prob. 12.6PCh. 12 - Prob. 12.7.1PCh. 12 - Prob. 12.7.2PCh. 12 - Prob. 12.7.3PCh. 12 - Prob. 12.8.1PCh. 12 - Prob. 12.8.2P
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- 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.arrow_forwardWhich of the following is not considered when determining whether an operating segment qualifies as a reportable segment? a.the assets of the segment b.the shareholders’ equity of the segment c.the absolute amount of its profit or loss d.revenue of the segmentarrow_forwardWhat information must an enterprise provide for each of its separately reportable operating segments?arrow_forward
- IFRS 10: Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate other entities it controls. The control principle in IFRS 10 sets out the following three elements of control: power over the investee; exposure, or rights, to variable returns from involvement with the investee; and. the ability to use power over the investee to affect the amount of those returns. Required:i) What are Consolidated Financial Statements? ii) Identify FOUR (4) circumstances under which a company may gain control over another company but will not be allowed to prepare consolidated financial statements. (c) IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls.Required:Explain and justify how IFRS 10 Consolidated Financial Statements determines elements of…arrow_forwardDefine Consolidated financial statements.arrow_forwardU.S. GAAP requires several entity-wide disclosures. If an enterprise does not define operating segments internally on a product-line basis or has only one operating segment, disclosure of revenues derived from each product or service is required.arrow_forward
- Discuss the significance of the following assumptions in the preparation of an entity’s financial statements: Entity assumption Accrual basis assumption Going concern assumption Period assumptionarrow_forwardAn entity shall clearly identify each financial statement and display all ofthe following, except A. Name of the reporting entityB. Names of the shareholdersC. The presentation currencyD. Whether the financial statements cover the individual entity or group of entitiesarrow_forwardThe following statements relate to analysis of expenses in the income statement based on either the nature ofexpenses or their function within the entity. Which statement is incorrect?I. An entity classifying expenses by function shall disclose additional information on the nature ifexpenses including depreciation, amortization expenses and employee benefit cost.II. PAS 1 requires the use of the cost of sales method because this presentation often provides morerelevant information to users than the nature of expense method. a. I onlyb. II onlyc. Both I and IId. Neither I nor IIarrow_forward
- An entity presents an analysis of expenses using a classification based on: Group of answer choices The nature of expenses. The function of expenses. Either the nature of expenses or the function of expenses within the entity, whichever provides information that is reliable and more relevant. Either the nature of expenses or the function of expenses within the entity, whichever the entity would prefer to present.arrow_forwardIt is required to present earnings per share for: Select one: a.income from continuing operations before the effect of discontinued operations. b.the gross profit. c.operating income. d.Income before Other Comprehensive Income.arrow_forwardWhen reviewing the financial statements and supporting notes of a reporting entity, is it possible to find out about all of the individual types of expenses and income that the entity has incurred or received? If not, how does management determine which expenses and income should be disclosed?arrow_forward
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