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Question;24. Crisfield Company has two reportable segments, C;and D. Segment C made $4,000,000 of sales to external customers and $400,000 of;sales to other operating segments. Segment D, on the other hand, made sales of;$8,000,000 to external customers and $1,600,000 of sales to other operating;segments. Crisfield Company reported $13,200,000 of revenues on its;consolidated income statement. What calculation below correctly determines;whether Crisfield Company's reportable segments satisfy the 75% revenue;test?;A. $14,000,000/$15,200,000;B. $14,000,000/$13,200,000;C. $12,000,000/$13,200,000;D. $12,000,000/$15,200,000;25. Zeus Corporation has determined that it has 15;reportable operating segments. In order to comply with the standard for segment;disclosures, Zeus Corporation should do which of the following?;A. Report 10 reportable segments and disclose the remaining 5 segments as;other operating segments.;B. Report 10 reportable segments by combining the most closely related;segments.;C. Report 15 reportable segments as long as the 75 percent revenue test;has been satisfied.;D. Report 12 reportable segments and show all other operating segments in;a column labeled "Other Operating Segments.;26. FASB 131 requires certain disclosures about major;customers. All of the following statements about those disclosures are true;with the exception of which statement?;A. The identity of the segment reporting the revenue from a significant;customer must be disclosed a footnote.;B. The amount of revenue from a significant customer must be disclosed in;a footnote.;C. For applying the disclosure test a threshold of 10 percent of total;revenues is mandated.;D. A local, state, or foreign government can be considered a major;customer.;27. The management approach to the definition of;segments for financial reporting expects a company to;I. Report disaggregated information on the same organizational basis as used by;the company's internal decision makers.;II. Report disaggregated information for at least ten segments.;A. I;B. II;C. Both I and II;D. Neither I nor II;28. Main Manufacturing Corporation reported;consolidated revenues of $50,000,000 on its income statement for 2008. The;management of the corporation identified 3 industry segments, M, N, and O.;These segments had the following intersegment sales and transfers during 2008;For Main Manufacturing Corporation, the revenue test would be satisfied if any;of its industry segments had revenue equal to or greater than which of the;following?;A. $7,400,000;B. $5,740,000;C. $5,000,000;D. $4,260,000;29. Stone Company reported $100,000,000 of revenues on;its 2008 income statement. During the year ended December 31, 2008, Stone made;sales of $8,000,000 to external customers in Western Europe. In addition, Stone;made sales of $10,000,000 to the U.S. government and $4,000,000 of sales to;various state governments. In the footnotes to its financial statements for;2008, in reporting enterprisewide disclosures, Stone is required to disclose;A. Option A;B. Option B;C. Option C;D. Option D

 

Paper#44959 | Written in 18-Jul-2015

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