ACC/305 ACC305 ACC 305 WEEK 10 HOMEWORK 1
- strayer university / ACC 305
- 31 Aug 2017
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ACC 305 WEEK 10 HOMEWORK 1
Brief Exercise 24-5
Foley Corporation has seven industry segments with total revenues as follows.
Brief Exercise 24-6
Operating profits and losses for the seven industry segments of Foley Corporation are:
Brief Exercise 24-7
Identifiable assets for the seven industry segments of Foley Corporation are:
Exercise 24-2
For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the financial statements, or (c) neither adjust nor disclose.
Exercise 24-3
Carlton Company is involved in four separate industries. The following information is available for each of the four industries.
IFRS Multiple Choice Question 07
Benjamin Company uses IFRS, while Iris, Inc. uses U.S. GAAP, for their external financial reporting. On January 16, 2015, both companies settled lawsuits relating to industrial accidents that occurred in 2013. Benjamin Company paid $550,000 and Iris, Inc. paid $230,000. Assuming that no accrual had been previously made, what amount of loss should be reported on the income statement for the year ended December 31, 2014 for each company?
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Benjamin Company |
Iris, Inc. |
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IFRS Multiple Choice Question 10
Identifiable assets for the 4 industry segments of Brittle Company are as follows:
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Candy |
$120,000 |
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Stix |
$240,000 |
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Chips |
$980,000 |
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Gum |
$45,000 |
Brittle Company uses IFRS for its external financial reporting. Using only the identifiable assets test, which of the segments are reportable?
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Under IFRS, all four segments must be reported. |
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Candy, Stix, and Chips only. |
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Chips only. |
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Stix and Chips only. |
IFRS Multiple Choice Question 11
Operating profits and losses for the 4 industry segments of Brittle Company are as follows:
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Candy |
($590,000) |
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Stix |
$20,000 |
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Chips |
$85,000 |
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Gum |
$9,000 |
Brittle Company uses IFRS for its external financial reporting. Using only the operating profits (loss) test, which of the segments are reportable?
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Stix, Chips, and Gum only. |
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Candy and Chips only. |
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Candy only. |
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Under IFRS, all four segments must be reported. |
IFRS Multiple Choice Question 13
IFRS is important for U.S. investors for all of the following reasons except
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mergers frequently take place between companies from different countries. |
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the SEC requires that foreign companies that list on U.S. stock exchanges provide a reconciliation between IFRS and U.S. GAAP. |
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many U.S. companies, such as McDonald's, generate 50% of their sales outside the U.S. |
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financial markets are among the most significant international markets. |
IFRS Multiple Choice Question 15
High-quality standards in an international environment include which of the following?
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They permit a wide variety of alternative practices. |
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They are stated in ambiguous terms to allow practitioners the opportunity to interpret and implement. |
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All of the above are necessary for high-quality international standards. |
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They are comprehensive, covering major transactions facing companies. |
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