Elektronix, Inc

question 107

Multiple Choice

Elektronix, Inc. has three operating segments with the following information: Which operating segments are separately reportable under the assets test?

• A) DVDs only.
• B) DVDs and MP3s.
• C) DVDs and VCRs.
• D) VCRs and MP3s.
• E) DVDs, VCRs, and MP3s.

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Definitions:

Balance Per Bank

The amount of money in a company's bank account according to the bank's records at a specific point in time.

Bank Reconciliation

The procedure of reconciling the balance figures in a firm's accounting ledger for a cash account with the associated entries on a bank statement.

Segregation Of Duties

An internal control measure that divides responsibilities among different people to prevent fraud and errors.

Treasurer

An officer of an organization responsible for managing the institution’s budget, overseeing its investment strategy, and handling its financial planning, reporting, and record-keeping.