The Following Information Is Provided for Gandalf Ltd Which Segments Are Reportable According to the Guidelines Provided in |

question 68

Multiple Choice

The following information is provided for Gandalf Ltd: $$\begin{array} { | l | r | r | r | } \hline \text { Business segment } & \begin{array} { l } \text { Segment revenue } \\( \$ 000 ) \end{array} & \begin{array} { l } \text { Segment result } \\( \$ 000 ) \end{array} & \begin{array} { l } \text { Segment assets } \\( \$ 000 ) \end{array} \\\hline \text { Retailing } & 200 & 80 & 3000 \\\hline \text { Light manufacturing } & 1650 & ( 2600 ) & 2500 \\\hline \text { Mining } & 700 & 250 & 1000 \\\hline \text { Marine transport } & 3700 & 945 & 6000 \\\hline \text { General insurance } & 2320 & 1175 & 2500 \\\hline \text { Total } & 8570 & ( 150 ) & 15000 \\\hline\end{array}$$ Which segments are reportable according to the guidelines provided in AASB 8?

• A) retailing, marine transport, general insurance
• B) retailing, heavy manufacturing, marine transport, general insurance
• C) retailing, light manufacturing, marine transport, general insurance
• D) retailing, light manufacturing, mining, marine transport, general insurance

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Definitions:

Innocent Misrepresentation

A false statement made during a contract negotiation that was believed to be true by the person making it, affecting the other party's decision to enter the contract.

Remedy of Rescission

A legal remedy that voids a contract, returning the parties to their positions prior to the agreement, typically used in cases of misrepresentation or fraud.

Statutory Assignment

The transfer of legal rights from one party to another under the terms of a statute.

Equitable Assignment

Equitable assignment refers to a transfer of rights or benefits from one party to another that is recognized by courts of equity despite lacking the formal legal structure of a statutory assignment.