Ansfield, Inc

question 53

Multiple Choice

Ansfield, Inc. has several potentially reportable segments. The following financial information has been determined for the current fiscal year: The minimum amount of assets a segment must have to qualify as reportable is ____.

• A)$4,500,000
• B)$5,000,000
• C)$37,500,000
• D)The answer cannot be determined from the information given.

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Definitions:

Interest

The charge for borrowing money, calculated as a percentage of the amount borrowed, or the return earned on invested funds.

Notes Receivable

Financial assets representing rights to receive payments of principal and interest from debtors under terms specified in promissory notes.

Interest

The cost of borrowing money or the return on investment for savings and investments, often expressed as a percentage.

Adjusting Entry

An amendment added to the accounting records to accurately reflect the revenues earned and expenses incurred during a period.