Advanced Accounting Chapter 13/14 Test
Memorization Segment
Must engage in business activity
Must be reviewed by a higher level officer
Needs its own discrete financial info - ANS What are the three requirements of an operating
segment?
Revenue Test >=10%
Asset Test >=10%
Profit/Loss >=10% - ANS A segment must pass one of these three segment tests to qualify.
what are these tests?
Segment Test >=75% - ANS Cumulatively, all operating segments must pass what test?
10 segments - ANS What is the maximum number of segments?
False - ANS T/F *Include* internal revenues when conducting the segment test
True - ANS T/F *Include* internal revenues when conducting the revenue test
General Info
Amounts from segment
Segment Profit/Loss
Segment Assets
Reconciliations to Consolidated Totals - ANS What five items must be included when reporting
a segment? (according to ASC 280)
Info about products/services
Info About Geographic Areas
Info about major customers - ANS What are the three necessary enterprise-wide disclosures?
Federal Securities Act of 1934 - ANS What established the SEC? Also, this made regulations
S-X and S-K
S-X - ANS This regulation governs preparation of financial statements for public disclosure
S-K - ANS This regulation governs non-financial disclosures
Form 10-K; within 60 days after end of company fiscal year - ANS This form is the annual filing
to the SEC. Also, when must it be filed?
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