A Business Segment Is a Part of a Company That

question 116

True/False

A business segment is a part of a company that is separately identified by its products or services, or by the geographic market it serves.

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Definitions:

Notes Payable

Financial obligations or loans represented by a promissory note that a company needs to pay back.

Successful-efforts Method

An accounting method used in the energy industry for recognizing and capitalizing only those expenses associated with successfully locating new oil or natural gas reserves.

Full-cost Method

A method of accounting for all expenditures associated with the exploration and development of oil and gas reserves as capitalized costs, which are then amortized over the total volume of proven resources.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that is globally accepted for financial reporting.