1 which of the following organizations does ifrs 8 not apply to a banks b mutual lif 4309883

 

1) Which of the following organizations does IFRS 8 not apply to?

A) Banks

B) Mutual life insurance companies

C) Private companies

D) Cooperative business enterprises

2) Which of the following is not a requirement in defining an operating segment?

A) The particular component must be generating revenue.

B) The particular component's operating results must be reviewed regularly by responsible company officers.

C) The particular component's financial information is routinely available through the organization's financial reporting system.

D) The particular component incurs expenses in its normal cost of activities.

3) Which of the following is not an aspect in identifying an operating segment?

A) The business component's operating results are reviewed regularly by the enterprise's chief operating decision maker.

B) It is a component of the enterprise that is expected to generate revenues and expenses.

C) Discrete financial information on the business component is regularly available through the company's financial reporting system.

D) Other companies in the same industry use similar operating segments.

4) Which of the following is not a threshold for identifying a reportable segment?

A) The segment contributes at least 10% of the organization's total revenues.

B) The segment contributes at least 10% of the organization's operating profits.

C) The segment contributes at least 10% of the organization's combined assets of all operating segments.

D) The segment contributes at least 10% of the organization's total expenses.

5) 80% of an organization's consolidated external revenues are disclosed by separate operating segments. The remaining segments do not meet any of the reportable segment thresholds. Which of the following is true about the remaining segments?

A) They must still be reported as separate segments.

B) They can be combined only if they have similar economic characteristics.

C) They can be combined only if the segments are horizontally or vertically integrated.

D) They can be combined and classified as “other”.

6) The thresholds for segmental financial reporting exclude ________.

A) 10% of total internal and external revenues

B) 10% of total internal and external expenses

C) 10% of total assets

D) 10% of the absolute value of the larger of aggregate segment profits or aggregate segment losses

7) Faulk Ltd. has provided the following information:

Segment

Assets

Revenues

Profits

A

$60,000

$18,000

$9,000

B

120,000

90,000

3,000

C

120,000

52,500

15,000

D

30,000

300,000

120,000

Under the profit test only, which segments are reportable?

A) Segment A only

B) Segment C only

C) Segments A and C only

D) Segments C and D only

8) Faulk Ltd. has provided the following information:

Segment

Assets

Revenues

Profits

A

$60,000

$18,000

$9,000

B

120,000

90,000

3,000

C

120,000

52,500

15,000

D

30,000

300,000

120,000

Under the revenue test only, which segments are reportable?

A) Segments A and C only

B) Segments B and D only

C) Segments B, C, and D only

D) All the segments are reportable.

9) Faulk Ltd. has provided the following information:

Segment

Assets

Revenues

Profits

A

$60,000

$18,000

$9,000

B

120,000

90,000

3,000

C

120,000

52,500

15,000

D

30,000

300,000

120,000

Under the asset test only, which segments are reportable?

A) Segments A, B, and C only

B) Segments A and D only

C) Segments B and C only

D) All the segments are reportable.

10) Faulk Ltd. has provided the following information:

Segment

Assets

Revenues

Profits

A

$60,000

$18,000

$9,000

B

120,000

90,000

3,000

C

120,000

52,500

15,000

D

30,000

300,000

120,000

Using all the applicable tests, which segments are reportable?

A) Segments B and C only

B) Segments B, C, and D only

C) Segment D only

D

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Regards,

Cathy, CS.