Segment Reporting Flashcards
1
Q
True/False : Segment reporting applies to all companies in their F/S?
A
False- only public companies
2
Q
What is the threshold for a reportable segment?
A
10% of total revenue, total reported profit and loss or total assets. OR… if segments report less than 75% of the total revenue, additional segments need to be added as well.
3
Q
What is the formula to calculate Segment profit/loss
A
Revenue - directly traceable costs - reasonably allocated costs = Operating profit
