What Information Does SFAS 131 Require to Be Disclosed for a Major

question 79

Multiple Choice

What information does SFAS 131 require to be disclosed for a major customer?

• A)The identity of the customer.
• B)The operating segment reporting sales to the customer.
• C)The geographic area of the customer.
• D)The percentage of sales derived from the customer.
• E)The length of time the customer has been a customer of the company.

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Definitions:

Single Amount

Refers to a lump sum payment or financial value not broken down into parts or installments.

Concept

An abstract idea or a general notion that underlies the theoretical framework of a subject or an area of knowledge.

Annual Year-end Payments

Payments made at the end of a fiscal year, which can include dividends, bonuses, or other settlements.

Interest Rate

The proportion of a loan charged as interest to the borrower, typically expressed as an annual percentage of the loan balance.