ACC 401 Week 10 Quiz – Strayer


Click on the Link Below to Purchase A+ Graded Course Material

http://budapp.net/ACC-401-Advanced-Accounting-Week-10-Quiz-Strayer-278.htm

Quiz 9 Chapter 14

Reporting for Segments and for Interim Financial Periods

1.         A component of an enterprise that may earn revenues and incur expenses, and about which management evaluates separate financial information in deciding how to allocate resources and assess performance is a(n)
a.   identifiable segment.
b.   operating segment.
c.   reportable segment.
d.   industry segment.

2.         An entity is permitted to aggregate operating segments if the segments are similar regarding the
a.   nature of the production processes.
b.   types or class of customers.
c.   methods used to distribute products or provide services.
d.   all of these.

3.         Which of the following is not a segment asset of an operating segment?
a.   Assets used jointly by more than one segment.
b.   Assets directly associated with a segment.
c.   Assets maintained for general corporate purposes.
d.   Assets used exclusively by a segment.

4.        SFAS No. 131 requires the disclosure of information on an enterprise's operations in different industries for
1.   each annual period presented.
2.   each interim period presented.
3.   the current period only.
a.   1
b.   2
c.   3
d.   both 1 and 2

5.         Which of the following is not required to be disclosed by SFAS No. 131?
a.   Information concerning the enterprise's products.
b.   Information related to an enterprise's foreign operations.
c.   Information related to an enterprise's major suppliers.
d.   All of the above are required disclosures.

6.         To determine whether a substantial portion of a firm's operations are explained by its segment information, the combined revenue from sales to unaffiliated customers of all reportable segments must constitute at least
a.   10% of the combined revenue of all operating segments.
b.   75% of the combined revenue of all operating segments.
c.   10% of the combined revenue from sales to unaffiliated customers of all operating segments.
d.   75% of the combined revenue from sales to unaffiliated customers of all operating segments.

7.         A segment is considered to be significant if its
1.   reported profit is at least 10% of the combined profit of all operating segments.
2.   reported profit (loss) is at least 10% of the combined reported profit of all operating segments not reporting a loss.
3.   reported profit (loss) is at least 10% of the combined reported loss of all operating segments that reported a loss.
a.   1
b.   2
c.   3
d.   both 2 and 3

8.         Which of the following disclosures is not required to be presented for a firm's reportable segments?
a.   Information about segment assets
b.   Information about the bases for measurement
c.   Reconciliation of segment amounts and consolidated amounts for revenue, profit or loss, assets, and other significant items.
d.   All of these must be presented.


9.         Current authoritative pronouncements require the disclosure of segment information when certain criteria are met. Which of the following reflects the type of firm and type of financial statement for which this disclosure is required?
a.   Annual financial statements for publicly held companies.
b.   Annual financial statements for both publicly held and nonpublicly held companies.
c.   Annual and interim financial statements for publicly held companies.
d.   Annual and interim financial statements for both publicly held and nonpublicly held companies.

10.       An enterprise determines that it must report segment data in annual reports for the year ended December 31, 2011. Which of the following would not be an acceptable way of reporting segment information?
a.   Within the body of the financial statements, with appropriate explanatory disclosures in the footnotes
b.   Entirely in the footnotes to the financial statements.
c.   As a special report issued separately from the financial statements.
d.   In a separate schedule that is included as an integral part of the financial statements.

11.       Selected data for a segment of a business enterprise are to be separately reported in accordance with SFAS No. 131 when the revenues of the segment is 10% or more of the combined
a.   net income of all segments reporting profits.
b.   external and internal revenue of all reportable segments.
c.   external revenue of all reportable segments.
d.   revenues of all segments reporting profits.

12.       Long Corporation's revenues for the year ended December 31, 2011, were as follows
      Consolidated revenue per income statement     $800,000
      Intersegment sales                                                105,000
      Intersegment transfers                                           35,000
      Combined revenues of all operating segments  $940,000

Long has a reportable segment if that segment's revenues exceed
a.   $80,000.
b.   $90,500.
c.   $94,000.
d.   $14,000.

13.                                                                                          Revenue test
                                                                            (dollars in thousands)            
                                                             Wholesale           Retail             Finance
                                                              Segment          Segment          Segment
Sales to unaffiliated customers            $3,600             $1,500                  $-0-
Sales – intersegment                                 400                  240                    -0-
Loan interest income – intersegment          -0-                  120                  900
Loan interest income – unaffiliated           -0-                  240                    80
Income from equity method investees       -0-                  280                    -0-

Determine the amount of revenue for each of the three segments that would be used to identify the reportable industry segments in accordance with the revenues test specified by SFAS 131.

     Wholesale     Retail         Finance
a.    $3,600       $1,500           $ -0-
b.      4,000         1,740              -0-
c.      4,000         1,980            980
d.      4,000         2,380            980

14.       Which of the following is not part of the information about foreign operations that is required to be disclosed?
a.   Revenues from external customers
b.   Operating profit or loss, net income, or some other common measure of profitability
c.   Capital expenditures
d.   Long-lived assets
15.       Eaton, Inc., discloses supplemental industry segment information. The following data are available for 2011.
                                                               Traceable
             Segment          Sales           operating expenses
A            $420,000               $255,000
B              480,000                 300,000
C              300,000                 165,000
            $1,200,000               $720,000

Additional 2011 expenses, not included above, are as follows:

Indirect operating expenses       $240,000
General corporate expenses         180,000

Appropriate common expenses are allocated to segments based on the ratio of a segment's sales to total sales. What should be the operating profit for Segment C for 2011?
a.   $135,000
b.   $ 75,000
c.   $ 105,000
d.   $ 30,000

16.       Gant Company has four manufacturing divisions, each of which has been determined to be a reportable segment. Common operating costs are appropriately allocated on the basis of each division's sales in relation to Gant’s aggregate sales. Gant’s Delta division accounted for 40% of Gant's total sales in 2011. For the year ended December 31, 2011, Delta had sales of $5,000,000 and traceable costs of $3,600,000. In 2011, Gant incurred operating costs of $350,000 that were not directly traceable to any of the divisions. In addition, Gant incurred interest expense of $360,000 in 2011. In reporting supplementary segment information, how much should be shown as Delta's operating profit for 2011?
a.   $1,400,000
b.   $1,256,000
c.   $1,260,000
d.   $1,116,000

17.       For external reporting purposes, it is appropriate to use estimated gross profit rates to determine the ending inventory value for

         Interim            Annual
       Reporting        Reporting
a.          No                   No
b.          No                   Yes
c.         Yes                  No
d.         Yes                  Yes

18.       Inventory losses from market declines that are expected to be temporary
a.   should be recognized in the interim period in which the decline occurs.
b.   should be recognized in the last (fourth) quarter of the year in which the decline occurs.
c.   should not be recognized.
d.   none of these.

19.       Gains and losses that arise in an interim period should be
a.   recognized in the interim period in which they arise.
b.   recognized in the last quarter of the year in which they arise.
c.   allocated equally among the remaining interim periods.
d.   deferred and included only in the annual income statement.

20.       If a cumulative effect type accounting change is made during the first interim period of a year
a.   no cumulative effect of the change should be included in net income of the period of change.
b.   the cumulative effect of the change on retained earnings at the beginning of the year should be included in net income of the first interim period.
c.   the cumulative effect of the change should be allocated to the current and remaining interim periods of the year.
d.   none of these.


Comments

Post a Comment

Popular posts from this blog

CIS 552 Week 10 Term Paper – Strayer New

Click on The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/CIS-552-Week-10-Term-Paper-Strayer-New-CIS552TP.htm Term Paper: Redesigning Security Operations Imagine you have recently been hired as the Information security director at a start-up health care research firm, where confidential client data is housed in its Data Center. Currently, the company has 100 employees and expects to expand its workforce to 300 in the next three (3) months and the company is moving to a new location in an urban office building across four (4) floors. The security operations and defensive mechanisms have been run in the past by the Networking Department and due to the move, you have a chance to start anew with the company’s security operations to improve its overall security posture. Write an eight to ten (8-10) page paper in which you: Identify what you perceive to be the five (5) most concerning threats to the network, computing environ...
Read more

CIS 555 Week 10 Term Paper – Strayer New

Click on The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/CIS-555-Week-10-Term-Paper-Strayer-New-CIS555TP.htm Term Paper: Reengineering the Course Enrollment Process Consider Strayer University’s current process of enrolling for courses through the use of the Web. Suppose that the University has contracted you to reengineer the enrollment process that considers the Web and other modes of input. The expectation is that you will gather information from current system users, analyze the collected data, propose a solution, and provide a requirements document. Assume that your professor has been tasked by the University to be the stakeholder for the reengineering of the enrollment process. Assume further that you are the analyst that will propose and document the system-as-is and system-to-be. A discussion thread has been set up by your professor so that you will post questions for the professor as the stakeholder for questions pertai...
Read more

CIS 542 Week 10 Term Paper – Strayer New

Click on The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/CIS-542-Week-10-Term-Paper-Strayer-New-CIS542TP.htm Term Paper: Web Application Security Challenges This assignment consists of two (2) sections: a written paper and a PowerPoint presentation. You must submit both sections as separate files for the completion of this assignment. Label each file name according to the section of the assignment it is written for. You are the Chief Security Officer (CSO) for an e-Commerce company and are concerned about security for your e-Commerce applications. Specifically, your company’s Board of Directors has requested a detailed forward-looking plan with emphasis on securing your Web presence assets. Read the article titled, “Web application security is growing problem for enterprises” located at http://www.infoworld.com/d/security-central/web-application-security-growing-problem-enterprises-843?page=0,0 . Also, be sure research at least four...
Read more