ASC 280 requires certain disclosures about major customers. All of the following statements about those disclosures are true with the exception of which statement?
A. For applying the disclosure test, there is no specific threshold (percent of total revenues) that is defined as "significant".
B. The identity of the segment reporting the revenue from a significant customer must be disclosed a footnote.
C. The amount of revenue from a significant customer must be disclosed in a footnote.
D. A local, state, or foreign government can be considered a major customer.
Answer: A
You might also like to view...
________ in an organization is the division of labor. For example, in a publishing company, there are people who acquire manuscripts (sponsoring editors), people who edit manuscripts (developmental editors), and people who turn manuscripts into printed books (production editors).
A. The coordination of individual efforts into a group or organization-wide effort B. The common purpose that unifies employees C. An organizational structure with few or no levels of middle management D. A structure where employees report to no more than one manager E. The arrangement of having discrete parts of a task done by different people
The following information appears in Molsone Company's records for the year ended December 31: Inventory, January 1 .................................. $ 325,000 Purchases ............................................. 1,150,000 Purchase returns ...................................... 40,000 Freight-in ............................................ 30,000 Sales
................................................. 1,700,000 Sales discounts ....................................... 10,000 Sales returns ......................................... 15,000 On December 31 . a physical inventory revealed that the ending inventory was only $210,000 . Molsones gross profit on net sales has remained constant at 30 percent in recent years. Molsone suspects that some inventory may have been pilfered by one of the company's employees. At December 31 . what is the estimated cost of missing inventory? a. $75,000 b. $82,500 c. $210,000 d. $292,500
Which of the following is the leading federal consumer protection agency?
A) Interstate Commerce Commission B) Federal Trade Commission C) Occupational Safety and Health Administration D) Federal Accountability Act
Coca-Cola earns more than ________ percent of its revenues from outside the United States.
A. 95 B. 75 C. 15 D. 25