江西财经大学高级财务会计国际学院题库chapter

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Advanced Accounting, 11e (Beams/Anthony/Bettinghaus/Smith) Chapter 15 Segment and Interim Financial Reporting

Multiple Choice Questions

1) Similar operating segments may be combined if the segments have similar economic characteristics. Which one of the following is a similar economic characteristic under GAAP? A) The segments' management teams B) The tax reporting law sections

C) The distribution method for products or services

D) The expected rates of return and risk for the segments' productive assets Answer: C

Objective: LO2 Difficulty: Easy

2) Which of the following conditions would not indicate that two business segments should be classified as a single operating segment?

A) They have similar amounts of intersegment revenues or expenses. B) They have a similar distribution method for products. C) They have similar production processes. D) They have similar products or services. Answer: A

Objective: LO2 Difficulty: Easy

3) GAAP requires that segment information be reported A) by geographics, without regard to size of the segment.

B) by geographics, without regard to industry or product-line.

C) however management organizes the enterprise into units for internal decision-making and performance-evaluation purposes.

D) by industry or product-line, without regard to geographics. Answer: C

Objective: LO1 Difficulty: Easy

4) GAAP requires disclosures for each reportable operating segment for each of the following, except for A) Revenues.

B) Depreciation expense. C) R&D expenditures. D) Extraordinary items. Answer: C

Objective: LO4 Difficulty: Easy

5) What is the threshold for reporting a major customer? A) 5 percent of revenues B) 5 percent of profits C) 10 percent of revenues D) 10 percent of profits Answer: C

Objective: LO6 Difficulty: Easy

6) Cole Company has the following 2011 financial data: Consolidated revenue per income statement $800,000 Intersegment sales 200,000 Intersegment transfers 100,000 Combined revenues of all segments $1,100,000

Cole Company should add segments if

A) the sum of its segments' external revenue does not exceed $600,000. B) the sum of its segments' external revenue does not exceed $825,000.

C) the sum of its segments' revenue including intersegment revenue does not exceed $600,000. D) the sum of its segments' revenue including intersegment revenue does not exceed $825,000. Answer: A

Explanation: A) (75% of $800,000 = $600,000)

Objective: LO3

Difficulty: Moderate

7) Which of the following is not a quantitative threshold for determining a reportable segment? A) Segment assets are 10% or more of the combined assets of all operating segments.

B) The absolute value of a segment's profit or loss is 10% or more of the greater of (1) the combined

reported profit of all operating segments that reported a profit or (2) the absolute value of the combined reported loss of all operating segments that reported a loss.

C) Segment reported revenue, including intersegment revenues, is 10% or more of the combined revenue (both internal and external) of all operating segments.

D) Segment residual profit after the cost of equity is 10% or more of the combined residual profit of all operating segments. Answer: D

Objective: LO2 Difficulty: Easy

8) For an operating segment to be considered a reporting segment under the revenue threshold, its reported revenue must be 10% or more of

A) the combined enterprise revenues, eliminating all relevant intracompany transfers and balances. B) the combined revenues, excluding intersegment revenues, of all operating segments. C) the combined revenues, including intersegment revenues, of all operating segments. D) the consolidated revenue of all operating segments. Answer: C

Objective: LO2 Difficulty: Easy

9) An enterprise has eight reporting segments. Five segments show an operating profit and three

segments show an operating loss. In determining which segments are classified as reporting segments under the operating profits test, which of the following statements is correct? A) The test value for all segments is 10% of consolidated net profit.

B) The test value for profitable segments is 10% or more of those segments reporting a profit, and the test value for loss segments is 10% or more of those segments reporting a loss.

C) The test value for loss segments is 10% of the greater of (a) the absolute value of the sum of those segments reporting losses, or (b) 10% of consolidated net profit.

D) The test value for all segments is 10% of the greater of (a) the absolute value of the sum of those segments reporting profits, or (b) the absolute value of the sum of those segments reporting losses. Answer: D

Objective: LO2

Difficulty: Moderate

10) Dott Corporation experienced a $100,000 extraordinary loss in the second quarter of 2011 in their East Coast operating segment. The loss should be recognized

A) only at the consolidated report level at the end of the year.

B) entirely in the second quarter of 2011 in the East Coast operating segment.

C) in equal amounts allocated to the remaining three quarters of 2011 at the corporate level.

D) in equal amounts allocated to the remaining three quarters of 2011 of the East Coast segment. Answer: B

Objective: LO7

Difficulty: Moderate

11) Which one of the following operating segment disclosures is not required by GAAP? A) Total Assets B) Equity

C) Intersegment sales D) Extraordinary items Answer: B

Objective: LO4 Difficulty: Easy

12) Which one of the following operating segment information items is not directly named by GAAP to be reconciled to consolidated totals? A) Assets B) Liabilities C) Revenues D) Profit or loss Answer: B

Objective: LO5 Difficulty: Easy

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