29 Jun Question 24. Crisfield Company has two rep
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:
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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:
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A. Option A
B. Option B
C. Option C
D. Option D
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