Although ASPE Does NOT Offer Guidance for Reporting Segmented Information

question 48

Multiple Choice

Although ASPE does NOT offer guidance for reporting segmented information, IFRS requires that

• A) financial statements include selected information on a single basis of segmentation.
• B) financial statements include selected information on multiple bases of segmentation.
• C) financial statements disclose results for every segment, regardless of how many there are.
• D) management segment the enterprise on a geographical basis only.

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Definitions:

Machine Hours

A measure of production time or operational usage, calculated by the number of hours a machine is run in a specific period.

Factory Overhead

All indirect costs associated with manufacturing that are not classified as direct labor or direct materials, including utilities, depreciation, and maintenance expenses.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company.

First Quarter

Refers to the first three months of a fiscal or calendar year (January to March), often used in financial reporting and analysis.