FAR CPA Exam 2023-Wiley- with complete solutions

The retirement of long-term debt by the issuance of common stock should be presented in a statement of cash flows as a correct answer: Per ASC Topic 230, financing and investing activities which have no effect on cash flows shall be shown either in a separate schedule of noncash financing and investing activities or in narrative form in the footnotes, not in the body of the statement. Opto Co. is a publicly traded, consolidated enterprise reporting segment information. Which of the following items is a required enterprise-wide disclosure regarding external customers? correct answer: A-The fact that transactions with a particular external customer constitute more than 10% of the total enterprise revenues. B-The identity of any external customer providing 10% or more of a particular operating segment's revenue. C-The identity of any external customer considered to be "major" by management. D-Information on major customers is not required in segment reporting. HINT: disclosure is required of the fact that the company receives 10% or more of its revenue from a single customer. Which of the following should be disclosed for each reportable operating segment of an enterprise? correct answer: HINT; Per ASC Topic 280, information about reported segment profit or loss, segment assets, and the basis of measurement should be disclosed. Profit or loss and total assets mus