The Following Information Was Collected Together for the Lawson Company

question 24

Essay

The following information was collected together for the Lawson Company relating to the preparation of their annual financial statements for 2011.For each item,indicate "yes" or "no" as to whether the item must be disclosed in the annual report.
________ 1.Names of major customers for all reportable segments
________ 2.Interest revenue and expense for all reportable segments
________ 3.Cost of Goods Sold for all reportable segments
________ 4.Depreciation expense and amortization expense for all reportable segments
________ 5.Revenue from external customers for all reportable segments
________ 6.The basis for aggregating any operating segments to arrive at reporting segments
________ 7.Income tax expense (or benefit)for all reportable segments
________ 8.Total assets for all reportable segments
________ 9.Type of product or service for all reportable segments
________ 10.Extraordinary items for all reportable segments

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Definitions:

Variable Resource

A resource whose quantity can change in the short run to increase or decrease production levels.

Fixed Resource

A resource whose quantity cannot easily be changed in the short term, such as land, buildings, or equipment.

Accounting Profit

The difference between total revenue and total explicit costs, not accounting for implicit costs, according to traditional accounting methods.

Entrepreneur's Potential Earnings

Entrepreneur's potential earnings are the anticipated income an entrepreneur expects to generate from their business ventures, considering the risks and opportunities involved.