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Flashcards in Segment Reporting Deck (9)
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1

GAAP requires ______ by major segment to allow for assessment.

disclosures

2

An ______ _______ is a significant component of operations that generates revenue and expenses, has a chief operating decision maker, and provides financial information about its operations.

Operating Segment

3

All operating segments are reportable segments. TF

False

4

What is a reportable segment?

An operating segment that meets ANY threshold of:
(1) 10% or greater of its combined revenues

(2) 10% or greater than the highest absolute P or L between the segments

(3) or 10% or greater of the COMBINED assets of all operating segments.

(4) The 75% revenue rule: (sales to unaffiliated customers/consolidated revenues) must be 75% or greater of consolidated revenues

5

Generally the max amount of reportable segments is ___?

10

6

If a single buyer account contributes greater than 10% of revenue to a firm's total revenue, that must be disclosed. TF

True

7

What info should a public company present about revenues from foreign operations?

SEPARATE disclosures of sales to customers and intracompany sales between geographical areas

8

If a firms identifiable assets are > 10% of the whole it is reported. TF

True

9

If a piece of information is reviewed by the chief operating decision maker of a segment it (is/is not) required to be disclosed.

Is