An Asset That Can Easily Be Exchanged for Goods and Services

question 86

Multiple Choice

An asset that can easily be exchanged for goods and services is referred to as:

• A)an intangible asset.
• B)wealth.
• C)a liquid asset.
• D)a fixed asset.
• E)an immovable asset.

Apply the tests (revenue, profit or loss, assets) to determine which segments must be disclosed separately.

Recognize when additional segments must be disclosed to meet the 75 percent external revenue threshold.

Understand the considerations for identifying operating segments based on internal reporting structures.

Identify which operating segments are reportable under various tests such as the asset test, revenue test, and profit or loss test.

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Definitions:

Nature

An individual’s biological inheritance, especially genes.

Nurture

An individual’s environmental and social experiences.

Environmental

Relating to the natural world and the impact of human activity on its condition.

Resilience

The capacity to recover quickly from difficulties; toughness.