Just as a house has rooms, a company has departments. These can be internal or external. These departments may be significant enough to have individual investor impact. If this is the case, they must be reported.
Now address the following questions regarding segment reporting:
- Under Generally Accepted Accounting Principles, what is the definition of a business segment?
- When must business segments be submitted?
- How must business segments be submitted?
- Provide an example of a firm that commonly reports its business segments.
I am also sending the second discussion to save money on fees.
Topic #2: Interim Reporting
Although the common period in business is a year, sometimes business relationships require a period of less than a year. This calls for special accounting treatment.
Respond to the following questions regarding interim reporting:
- Under Generally Accepted Accounting Principles, what is the definition of an interim report?
- When must interim reports be reported?
- How must interim reports be reported?
- Provide an example of an interim financial statement.
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