ACCT 424 Quiz 2 - 1 The operations of a segment designated...

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1. The operations of a segment designated as held for sale should be reported as: Discontinued operations 2. The revenue from a cancelled product line in women’s clothing should be reported as: income from continuing operations 3. Unaffiliated customers sales and intracompany sales must be: disclosed separately 4. When a segment’s liabilities constitute more than 10% of the combined liabilities of all operating  segments that segment must be reported on the enterprise’s financial statements. False 5. What information must an SEC registrant present about revenues from its reporting segments? Disclose separately the amount of sales from its unaffiliated clients and the amount of  intercompany sales 6. Candy Company’s confectionary segment reported sales of $15,000 and traceable operating  expenses of $10,000, indirect operating expenses of $7,200 and general corporate expenses of $4,800.   What is the segment’s operating profit? 5,000 7. Sales to other segments are never used in determining a segment’s operating income. False 8. When both the segment’s assets and liabilities constitute more than 10% of assets and liabilities both should be reported in the company’s financial statements. False 9.  Which of the following items determine whether a segment should be reported on the company’s financial statement.
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