In SFAS No

question 10

Essay

In SFAS No. 131, the FASB requires all public companies to report a variety of information for reportable segments. Define a reportable segment and identify the information to be reported for each reportable segment.

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Definitions:

Gasoline

A highly flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.

Quantity Demanded

Quantity demanded is the total amount of a good or service that consumers are willing and able to purchase at a given price over a specified period.

Demand Schedule

A tabular representation showing the quantity of a good that consumers are willing and able to purchase at different prices, holding other factors constant.

Excise Tax

A tax directly levied on certain goods, services, or activities, often included in the price of the product.