ASC 280 Requires Certain Disclosures About Major Customers

question 41

Multiple Choice

ASC 280 requires certain disclosures about major customers.All of the following statements about those disclosures are true with the exception of which statement?

• A) The identity of the segment reporting the revenue from a significant customer must be disclosed a footnote.
• B) The amount of revenue from a significant customer must be disclosed in a footnote.
• C) For applying the disclosure test a threshold of 10 percent of total revenues is mandated.
• D) A local, state, or foreign government can be considered a major customer.

Recognize the role of attachment styles in shaping relationship dynamics and outcomes.

Explore theoretical frameworks explaining the significance of close relationships in psychological well-being.

Understand various psychological theories and models related to love.

Identify different attachment styles and their characteristics.

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Definitions:

Selling Expenses

Costs incurred directly and indirectly in making sales, including commissions, advertising, and salaries of sales staff.

Administrative Expense

Overhead or general expenses related to the day-to-day running of a business but not directly tied to production.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the decrease in the asset's value.

Amortization Expense

The gradual write-off of the cost of an intangible asset over its useful life.