Presented Below Are Four Segments That Have Been Identified by Haley

question 13

Multiple Choice

Presented below are four segments that have been identified by Haley Productions: $\begin{array}{rrrr}& \text { Total Revenue } & \text { Operating } \\\text { Segments } & \text { (Unaffiliated) } & \text { Profit (Loss) } & \text { Identifiable Assets }\\\text { A } & \$ 255,000 & \$ 30,000 & \$ 900,000 \\\text { B } & 600,000 & (55,000) & 800,000 \\\text { C } & 225,000 & 6,000 & 450,000 \\\text { D } & 90,000 & 4,000 & 225,000\end{array}$ For which of the segments would information have to be disclosed in accordance with professional pronouncements?

• A) Segments A, B, C, and D
• B) Segments A, B, and C
• C) Segments A and B
• D) Segments A and D

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Definitions:

Sole Proprietorship

Sole Proprietorship is a business structure owned and operated by one individual, where there is no legal distinction between the owner and the business.

Legal Entities

Entities recognized by law that have rights and responsibilities, such as corporations, partnerships, and sole proprietorships.

Accounting Entities

Organizations, businesses, or units for which separate financial statements are prepared, distinct from any other economic activities.

Generally Accepted Accounting Principles

A standard framework of guidelines for financial accounting that includes the details, complexities, and legalities of business and corporate accounting.