Question 1

The basis of segmentation required by FAS 131 is called the ____________________ _____________________________ approach.

Accepted Answer

management

Question 2

Intercompany sales that occur within a vertically integrated segment are called _______________________________ sales.

Accepted Answer

intrasegment

Question 3

Intercompany sales that occur between operating segments are called __________ __________________________ sales.

Accepted Answer

intersegment

Question 4

The two major disclosures for reportable operating segments are (a) a measure of _______________________ and (b) a measure of ___________________________.

Accepted Answer

The answer of The two major disclosures for reportable operating...

Question 5

Items that must be disclosed for a reportable segment if those items are included in the measure of profitability used by the CODM are (a)_______________________, (b)______________________, (c) _____________________, (d)______________________, (e) ______________________, (f) ______________________, (g) _______________________, (h) ______________________, and (i) ______________________.

Accepted Answer

The answer of Items that must be disclosed for a...

Question 6

Three items that need not be disclosed for reportable operating segments are _______________________, _________________________, and ______________________.

Accepted Answer

The answer of Three items that need not be disclosed...

Question 7

Segment profitability for all reportable segments must be reconciled to ________ ___________________________ ________________________________ income.

Accepted Answer

The answer of Segment profitability for all reportable segments must...

Question 8

Segment assets for all reportable segments must be reconciled to ______________ ___________________________ assets.

Accepted Answer

The answer of Segment assets for all reportable segments must...

Question 9

Segment revenues for all reportable segments must be reconciled to __________ ___________________________ revenues.

Accepted Answer

The answer of Segment revenues for all reportable segments must...

Question 10

To determine whether an operating segment is a reportable segment, it is necessary to perform a test based on ____________________________, a test based on _________________________, and a test based on ________________________.

Accepted Answer

The answer of To determine whether an operating segment is...

Question 11

In performing the revenues test to determine reportable segments, one includes any _________________________ sales but excludes any ____________________ sales.

Accepted Answer

The answer of In performing the revenues test to determine...

Question 12

Enough operating segments must be presented so that at least 75% of all sales to ___________________________ of all operating segments is shown by reportable operating segments.

Accepted Answer

The answer of Enough operating segments must be presented so...

Question 13

Aggregation may be performed immediately after all operating segments have been _______________________. It may also be performed later immediately after all ________________________ segments have been determined.

Accepted Answer

The answer of Aggregation may be performed immediately after all...

Question 14

Entity-wide disclosures pertain to (a) _____________________________________, (b) ______________________________, and (c) _________________________________.

Accepted Answer

The answer of Entity-wide disclosures pertain to (a) _____________________________________, (b)...

Question 15

Segment reporting is required of publicly owned companies and privately owned companies.

Accepted Answer

Segment reporting is primarily required for publicly owned companies to provide transparency to investors and regulators. Privately owned companies may not have the same obligations unless required by specific agreements with lenders or investors.

Question 16

Segment reporting is required for interim period financial statements of publicly owned companies.

Accepted Answer

Segment reporting is required by accounting standards for publicly owned companies, including for interim period financial statements, to provide transparency and detailed insight into the different parts of a company's operations.

Question 17

Segment reporting is not required in the separately issued financial statements of a subsidiary if the parent has also issued consolidated statements in a separate report.

Accepted Answer

The answer of Segment reporting is not required in the...

Question 18

Segment reporting applies to not-for-profit entities.

Accepted Answer

Segment reporting primarily applies to publicly-held companies and is not a requirement for not-for-profit entities under accounting standards.

Question 19

FAS 131 requires a single basis of segmentation-one based on products and services.

Accepted Answer

FAS 131 allows for segmentation based on various factors, including products and services, geography, and regulatory environments, depending on what best reflects the company's management structure and financial information reporting.

Question 20

All foreign subsidiaries are automatically operating segments (though some may not be reportable segments).

Accepted Answer

Not all foreign subsidiaries are automatically considered operating segments. Operating segments are identified based on the internal reports that an organization's management uses to allocate resources and assess performance. A foreign subsidiary could be an operating segment if it meets these criteria, but it is not automatic solely based on its status as a foreign subsidiary.

Quiz 12: Reporting Segment and Related Information

The basis of segmentation required by FAS 131 is called the _________ approach.

Intercompany sales that occur within a vertically integrated segment are called _______________________________ sales.

Intercompany sales that occur between operating segments are called ________________ sales.

The two major disclosures for reportable operating segments are (a) a measure of _ and (b) a measure of _____.

Items that must be disclosed for a reportable segment if those items are included in the measure of profitability used by the CODM are (a)___________, (b), (c) _, (d), (e) , (f) , (g) _, (h) , and (i) __________.

Three items that need not be disclosed for reportable operating segments are ___________, _, and __________.

Segment profitability for all reportable segments must be reconciled to _ ______________ income.

Segment assets for all reportable segments must be reconciled to _____________ assets.

Segment revenues for all reportable segments must be reconciled to _________________ revenues.

To determine whether an operating segment is a reportable segment, it is necessary to perform a test based on ________________, a test based on _, and a test based on ____________.

In performing the revenues test to determine reportable segments, one includes any _____ sales but excludes any sales.