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NEW QUESTION 49
Hyde Corp. has three manufacturing divisions, each of which has been determined to be a reportable
segment. In 1989, Clay division had sales of $3,000,000, which was 25% of Hyde's total sales, and had
operating costs of $1,900,000, as reported to the CFO. In 1989, Hyde incurred operating costs of
$ 500,000 that were not directly traceable to any of the divisions. In addition, Hyde incurred corporate
interest expense of $300,000 in 1989. In reporting segment information, what amount should be shown as
Clay's operating profit for 1989?
- A. $900,000
- B. $875,000
- C. $975,000
- D. $1,100,000
Answer: D
Explanation:
Choice "d" is correct. $1,100,000 operating profit for clay.
Rule: Operating profit by segments is based on the measure of profit reported to the "chief operating
decision maker."
Allocations for general operating costs and interest, etc., should not be made solely for purposes of
segment disclosures.
NEW QUESTION 50
What is the purpose of information presented in notes to the financial statements?
- A. To provide disclosures required by generally accepted accounting principles.
- B. To provide recognition of amounts not included in the totals of the financial statements.
- C. To present management's responses to auditor comments.
- D. To correct improper presentation in the financial statements.
Answer: A
NEW QUESTION 51
According to the FASB conceptual framework, which of the following situations violates the concept of
reliability?
- A. Management reports to stockholders regularly refer to new projects undertaken, but the financial
statements never report project results. - B. Financial statements are issued nine months late.
- C. Data on segments having the same expected risks and growth rates are reported to analysts
estimating future profits. - D. Financial statements include property with a carrying amount increased to management's estimate of
market value.
Answer: D
Explanation:
Choice "d" is correct. Management's estimate of market value lacks verifiability, which is a component of
reliability. SFAC 2 para. 89 Choice "a" is incorrect. Communicating data on segments to analysts does not
violate the concept of reliability. Choice "b" is incorrect. Issuing financial statements nine months late
violates timeliness, which is a component of relevance, not reliability. SFAC 2 para. 56 Choice "c" is
incorrect. Neglecting to report results of new projects violates full disclosure, not reliability.
NEW QUESTION 52
Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its
small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest
of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the
earliest point at which Envoy should report the small appliance group as a discontinued operation?
- A. When Envoy sells the majority of the assets of the segment.
- B. When Envoy receives an offer for the segment.
- C. When Envoy first sells any of the assets of the segment.
- D. When Envoy classifies it as held for sale.
Answer: D
Explanation:
Choice "a" is correct. The earliest period that a component of an entity can be reported in discontinued
operations is when the component meets the following "held for sale" criteria:
1 . Management commits to a plan to sell the component.
2 . The component is available for immediate sale in its present condition.
3 . An active program to locate a buyer has been initiated.
4 . The sale of the component is probable and the sale is expected to be completed within one year.
5 . The sale of the component is being actively marketed.
6 . It is unlikely that significant change to the plan to sell will be made or that the plan will be withdrawn.
Choices "b", "c", and "d" are incorrect, per the Explanation: above.
NEW QUESTION 53
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