Which of the Following Are Established by FASB 131 as "Enterprisewide

question 11

Multiple Choice

Which of the following are established by FASB 131 as "enterprisewide disclosure" standards to provide more information about the risks to a company? I.Information about dominant industry segments.
II) Information about major customers.
III) Information about geographic areas

• A)Both II and III
• B)Both I and III
• C)Both I and II
• D)I,II,and II

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Definitions:

U.S. Firms

Entities operating under the regulatory, legal, and economic environments of the United States, engaged in commercial, industrial, or professional activities.

Life Expectancy

The average period that a person may expect to live.

Bankrupt

A legal situation in which an individual or firm finds that it cannot make timely interest payments on money it has borrowed. In such cases, a bankruptcy judge can order the individual or firm to liquidate (turn into cash) its assets in order to pay lenders at least some portion of the amount they are owed.

Normal Profit

The minimum level of profit needed for a company to remain competitive in the market, typically considered a break-even point not including opportunity costs.