What is segment reporting and why are segment reports considered a useful disclosure for companies even...
What is segment reporting and why are segment reports considered
a useful disclosure for
companies even if they already prepare consolidated accounts
covering the parent company
and subsidiaries?
Homework Answers
Segment reporting is basically the reporting of material operating segments of the company in the disclosures to financial statements.
They are considered useful because it helps the investors in making the right decision by disclosing the information about important segments of the company.
Segment reporting offers transparency to the financial statements.
That is why segment reporting is considered useful.
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What is segment reporting and why are segment reports considered
a useful disclosure for
companies even...
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Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
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Note:
1. Each Company may have two audit reports (one opinion on
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1. A company acquires a subsidiary and will prepare consolidated financial statements for extemal reporting purposes. For internal reporting purposes, the company has decided to apply the initial value method, Why might the company have made this decision? a. It is a relatively easy method to apply. 5. Operating results appearing on the parent's financial records rellect consolidated totals. c. GAAP now requires the use of this particular method for internal reporting purposes. d. Consolidation is not required when the...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
QUESTION 12 a). Why are cash flow statements sometimes considered more useful than profit statements? b). The income statement below is for Aboagye Ltd for the year ended December 31, 2010 GHCm 9,000 (7,710) Revenue Cost (except depreciation and interest) Depreciation Interest expense, net Income taxes Net income Aboagye Ltd: balance sheet as at December 31, 2010 (181) (215) 800 Non-current assets Current assets Total assets GHC m 5,500 4.500 10,000 Capital and reserves Ordinary share capital (1,600 million shares)...
Check my work Gamble Company convinced Conservative Corporation that the two companies should establish Simpletown Corporation to build a new gambling casino in Simpletown Corner. Although chances for the casino's success were relatively low, a local bank loaned $140,500,000 to the new corporation, which built the casino at a cost of $130,500,000. Conservative purchased 100 percent of the initial capital stock offering for $5,760,000, and Gamble agreed to supply 100 percent of the management which would include directing Simpletown's day-to-day...
Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2019. Miller paid $872,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total value of $218,000 both before and after Miller's acquisition. On January 1, 2019, Taylor reported a book value of $490,000 (Common Stock = $245,000; Additional Paid-In Capital = $73,500; Retained Earnings = $171,500). Several of Taylor's buildings...
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