Advanced Financial Accounting Canadian Canadian 7Th Edition Beechy Test Bank Full Chapter PDF

Beechy, Trivedi, MacAulay Advanced Financial Accounting, Seventh Edition
Chapter 7 Segment and Interim Reporting
Test Bank for Advanced Financial Accounting Canadian 7th

Edition by Beechy Trivedi MacAulay ISBN 0132928930
9780132928939
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1) Which of the following organizations does IFRS 8 not apply to?

A) Banks
B) Mutual life insurance companies
C) Private companies
D) Cooperative business enterprises
Answer: C
Page Ref: 364
Learning Obj.: 7.1
Difficulty: Easy
2) Which of the following is not a requirement in defining an operating segment?

A) The particular component must be generating revenue.
B) The particular component's operating results must be reviewed regularly by responsible company
officers.
C) The particular component's financial information is routinely available through the organization's
financial reporting system.
D) The particular component incurs expenses in its normal cost of activities.
Answer: A
Page Ref: 364-365
Learning Obj.: 7.1
Difficulty: Moderate
3) Which of the following is not an aspect in identifying an operating segment?

A) The business component's operating results are reviewed regularly by the enterprise's chief operating
decision maker.
B) It is a component of the enterprise that is expected to generate revenues and expenses.
C) Discreet financial information on the business component is regularly available through the company's
financial reporting system.
D) Other companies in the same industry use similar operating segments.
Answer: D
Page Ref: 364-365
Learning Obj.: 7.1
4) Which of the following is not a threshold for identifying a reportable segment?

A) The segment contributes at least 10% of the organization's total revenues.
B) The segment contributes at least 10% of the organization's operating profits.
Copyright © 2014 Pearson Canada Inc.

7-1
C) The segment contributes at least 10% of the organization's combined assets of all operating segments.
D) The segment contributes at least 10% of the organization's total expenses.
Answer: D
Page Ref: 367
Learning Obj.: 7.1

7-2
5) At least 75% of an organization's consolidated external revenues are disclosed by separate operating
segments. The remaining segments do not meet any of the reportable segment thresholds. Which of the
following is true about the remaining segments?
A) They must still be reported as separate segments.
B) They can be combined only if they have similar economic characteristics.
C) They can be combined only if the segments are horizontally or vertically integrated.
D) They can be combined and classified as "other."
Answer: D
Page Ref: 367-369
Learning Obj.: 7.1
6) The thresholds for segmental financial reporting exclude ________.

A) 10% of total internal and external revenues
B) 10% of total internal and external expenses
C) 10% of total assets
D) 10% of the absolute value of the larger of aggregate segment profits or aggregate segment losses
Answer: B
Page Ref: 367
Learning Obj.: 7.1
Difficulty: Easy
7) Faulk Ltd. has provided the following information:
Segment Assets Revenues Profits

A $60,000 $18,000 $9,000
B 120,000 90,000 3,000
C 120,000 52,500 15,000
D 30,000 300,000 120,000
Under the profit test only, which segments are reportable?

A) Segment A only
B) Segment C only
C) Segments A and C only
D) Segments C and D only
Answer: D
Page Ref: 367
Learning Obj.: 7.1

7-3

A $60,000 $18,000 $9,000
B 120,000 90,000 3,000
C 120,000 52,500 15,000
D 30,000 300,000 120,000
Under the revenue test only, which segments are reportable?

A) Segments A and C only
B) Segments B and D only
C) Segments B, C, and D only
D) All the segments are reportable.
Answer: C
Page Ref: 367
Learning Obj.: 7.1

A $60,000 $18,000 $9,000
B 120,000 90,000 3,000
C 120,000 52,500 15,000
D 30,000 300,000 120,000
Under the asset test only, which segments are reportable?

A) Segments A, B, and C only
B) Segments A and D only
C) Segments B and C only
Answer: A
Page Ref: 367
Learning Obj.: 7.1

7-4

A $60,000 $18,000 $9,000
B 120,000 90,000 3,000
C 120,000 52,500 15,000
D 30,000 300,000 120,000
Using all the applicable tests, which segments are reportable?

A) Segments B and C only
B) Segments B, C, and D only
C) Segment D only
Answer: D
Page Ref: 367
Learning Obj.: 7.1
11) The following information on sales is available for the company's three operating segments:
Segment International Sales External Sales Total Sales

A $60,000 $300,000 $360,000
B 200,000 10,000 210,000
C 1,500,000 1,500,000
$260,000 $1,810,000 $2,070,000
Which of the operating segments must be reported separately?

A) Only Segment C
B) Only Segments B and C
C) Only Segments A and C
D) Segments A, B, and C
Answer: D
Page Ref: 369-371
Learning Obj.: 7.2

7-5
12) The following information on sales and operating profit is available for the company's three operating
segments (in 000s):
Segment D Segment E Segment F Total

Sales $6,000 $1,000 $10,000 $17,000
Operating profit $225 $20 $5 $235
Which of the operating segments must be reported separately?

A) Only Segment E
B) Only Segments D and F
C) Only Segments E and F
D) Segments D, E, and F
Answer: B
Page Ref: 369-371
Learning Obj.: 7.2
13) An organization has identified the following segments:
Segment Operating Profit (Loss)

A $(32,000)
B 108,000
C 95,000
D (14,000)
E 21,000
$178,000
Which of the identifiable segments above are reportable?

A) Segments A, B, and C only
B) Segments B, C, and E only
C) Segments B and C only
D) Segments A, B, C, and E only
Answer: D
Page Ref: 369-371
Learning Obj.: 7.2
14) There is certain information that reportable segments are required to disclose only if that information
is regularly reviewed by the chief operating decision-maker. Which of the following must be disclosed
even if it is not regularly reviewed by the chief operating decision-maker?
A) Measure of profit/loss
B) Amortization and depreciation
C) Income tax expense/benefit
D) Interest revenue and expense
Answer: A
Page Ref: 371-372
Learning Obj.: 7.2

7-6
15) Under IFRS 8, certain reconciliations, such as total reportable segment revenues to the entity's
revenues, are required. Why are these reconciliations required?
A) To prove that the consolidated financial statements balance
B) To ensure that all reportable segments have been identified
C) To show the relative contribution of each segment to the total
D) To show how reportable segments were identified
Answer: C
Page Ref: 372
Learning Obj.: 7.2
16) IFRS 8 requires the disclosure of certain key information such as an organization's major customers
and geographic areas of operations. Why are these disclosures required?
A) To demonstrate that the chief operating decision-maker has made prudent decisions
B) To allow users to assess potential business risks
C) To provide sufficient information to creditors
D) To allow users to see that the poor performance of one segment is usually offset by the good
performance of other segments
Answer: B
Page Ref: 371-372
Learning Obj.: 7.2
17) What is the main objective in disclosing segmented information?

A) It provides a broader view of the entire economic entity controlled by the parent.
B) It provides information to assess the risk of different operating units.
C) It increases the income of different operating segments.
D) It reduces the cost of financial reporting.
Answer: B
Page Ref: 371
Learning Obj.: 7.2
Difficulty: Easy

7-7
18) Which of the following segment information must be disclosed?

A)
Sales to single customers that
Breakdown between domestic had more than 10% of
and foreign non-current assets company's revenues
Yes Yes
B)
Yes No
C)
No Yes
D)
No No
Answer: A
Page Ref: 371-372
Learning Obj.: 7.2
19) Which organizations are required to issue interim financial statements?

A) Public companies
B) Private enterprises
C) Both public companies and private enterprises
D) No organizations are required to issue interim financial statements.
Answer: A
Page Ref: 379
Learning Obj.: 7.3
Difficulty: Easy
20) Which of the following statements about interim financial statements for public companies is true?
A) Interim financial statements must be audited.
B) Interim financial statements should be in a format consistent with the year-end financial statements.
C) Interim financial statements must have the same level of detail as the annual financial statements.
D) Interim financial statements do not have to be in full compliance with IFRS.
Answer: B
Page Ref: 379
Learning Obj.: 7.3

7-8
21) With respect to interim financial statements, which of the following is not dictated by IFRS?
A) Content
B) Identification of recognition principles
C) Identification of measurement principles
D) Frequency of preparation
Answer: D
Page Ref: 380
Learning Obj.: 7.3
Difficulty: Easy
22) Which of the following is not included among requirements for interim financial reports for public
companies?
A) Statement of comprehensive income
B) Statement of financial position
C) Statement of cash flows
D) Summary of significant accounting policies
Answer: D
Page Ref: 380-381
Learning Obj.: 7.3
23) Rules for interim reporting require that comparative information be presented. What comparative
information should the current statement of financial position include?
A) The same quarter, last year
B) The immediate preceding quarter
C) The year end, last year
D) As budgeted for the period
Answer: C
Page Ref: 380-381
Learning Obj.: 7.3
Difficulty: Difficult
24) Yang Ltd. will issue interim financial statements for its second quarter. Which statement(s) must
report details of the second quarter as well as for the year to date?
A) Statement of comprehensive income only
B) Statement of changes in equity only
C) Statement of comprehensive income and statement of changes in equity only
D) Statement of comprehensive income, statement of changes in equity, and statement of cash flows only
Answer: A
Page Ref: 380-381
Learning Obj.: 7.3
Difficulty: Easy

7-9
25) What is the difference between the way taxes are treated under the discreet approach and under the
integral approach?
A) Under the discreet approach, taxes are estimated by applying an average tax rate to pre-tax interim net
income, but taxes are calculated separately for each interim period under the integral approach.
B) Under the integral approach, taxes are estimated by applying an average tax rate to pre-tax interim net
income, but taxes are calculated separately for each interim period under the discreet approach.
C) Under the discreet approach, taxes are recognized as they are incurred and paid, but under the
integral approach, taxes are estimated by applying an average tax rate to pre-tax interim net income.
D) Under the integral approach, taxes are recognized as they are incurred and paid, but under the
discreet approach, taxes are estimated by applying an average tax rate to pre-tax interim net income.
Answer: B
Page Ref: 383-384
Learning Obj.: 7.4
26) During the first quarter of the company's fiscal year, HA Inc. paid $100,000 to an arbitrator, who
assisted in negotiating an end to a strike by factory workers, and $200,000 for annual property taxes. How
much of these costs should be expensed in the first quarter under the discreet approach and under the
integral approach?
A)
Discreet Integral
$400,000 $100,000
B)
Discreet Integral
$150,000 $150,000
C)
Discreet Integral
$150,000 $100,000
D)
Discreet Integral
$100,000 $150,000
Answer: B
Page Ref: 383-384
Learning Obj.: 7.4
27) When can benefits of an income tax loss in an interim period not be recognized in that period?
A) If the loss will be offset by taxable income later in that year
B) If the loss can be used as a loss carryback
C) If it is more likely than not that a tax loss carryforward benefit will be realized
D) If the loss occurs in the first interim period
Answer: D
Page Ref: 385-386
Learning Obj.: 7.5

7-10
28) In practice, most companies use the discreet approach in preparing their internal interim financial
statements. Which of the following costs is usually not included in the financial statements?
A) Insurance
B) Income taxes
C) Maintenance
D) Bonuses to employees
Answer: B
Page Ref: 384
Learning Obj.: 7.4
29) Under IAS 34, which of the following costs is not viewed as a constructive obligation?
A) Contingent lease payments in excess of a contractual base amount
B) Year-end bonuses
C) Quantity discounts or rebates
D) Maintenance costs
Answer: D
Page Ref: 385
Learning Obj.: 7.5
30) The recommendation for interim income tax expense requires the use of which of the following rates
in the first quarter?
A) Estimated average
B) Marginal
C) Applicable progressive
D) Loss carryforward
Answer: A
Page Ref: 385
Learning Obj.: 7.5
31) In Canada and the United States, at a minimum, how often are interim financial statements required
to be issued?
A) Monthly
B) Bi-monthly
C) Quarterly
D) Semi-annually
Answer: C
Page Ref: 389
Learning Obj.: 7.3
Difficulty: Easy

7-11
32) The Alfred Company has operations in several international regions. These regions reported the
following information:
Segment Revenues Profit Assets

A $3,500 $600 $9,000
B 4,000 300 6,000
C 1,100 (200) 2,400
D 2,800 300 10,400
E 1,400 100 2,000
$12,800 $1,100 $29,800
Which of these segments are reportable? Fully document all supporting calculations.
Answer:
Revenue test
Threshold $12,800 × 10% = $1,280
Reportable segments A, B, D, E
Profits test
Threshold $1,100 × 10% = $110
Reportable segments A, B, C, D
Assets test
Threshold $29,800 × 10% = $2,980
Reportable segments A, B, D
Therefore, all segments must be reported separately as each segment qualifies under one or more of the
threshold tests.
Page Ref: 367-369
Learning Obj.: 7.1

7-12
33) Ravens Inc. sells office furniture, including desks, chairs, partitioning walls, and office supplies, in
more than six countries. The company is publicly traded and files annual statements with the securities
regulator. The following information was provided by the controller for the most recent year ended
December 31, 20X9.
Revenues
(in millions)
Desks $75
Chairs 40
Partitions 115
Office supplies 10
$240
Canada $75
United States 109
Australia 30
Europe 15
Asia 11
$240
Required:
Explain the nature of the disclosures that would be required by Ravens.
Answer: Ravens Inc. is a public company and must report segmented information as required by IFRS 8.
For entity-wide disclosures, public companies must disclose key information on types of products and
services sold, even if these do not qualify as separate reportable segments. Ravens would then have to
disclose the four types of revenues. In addition, companies are required to break down revenues by each
material geographic segment. For geographic segments, if revenues are material, they should be disclosed
separately. If we assume that 10% of revenue is material, then Canada, the United States, and Australia
must be disclosed separately. For reportable segments where additional information would be required,
(using the 10% of revenue threshold, which is $24 million), the segments for desk, chairs, and partitions
must be disclosed separately. For these segments, information related to revenues, expenses, assets, and
liabilities must be disclosed.
Page Ref: 367-372
Learning Obj.: 7.1, 7.2

7-13
34) The controller of Getaway Corporation has prepared and summarized the following information for
her company (all in millions of $):
Inter-segment Operating
External sales sales profit (loss) Total assets
Hotels 975 89 1,050
Car rentals 512 65 642
Guided tours 205 (25) 221
Bus tours 173 100 11 250
Cruises 98 50 (15) 95
Total 1,963 150 125 2,258
Required:
Identify which segments are reportable. Also discuss any ethical issues related to reporting of segmented
information.
Answer: (All discussion in millions of dollars.)

Based on total revenues (including external and internal) of $2,113, any segment with more than $211 of
revenues will be reportable. This test results in hotels, car rentals, and bus tours being reportable based
on the revenue.
Based on total profits, the threshold is 10% of $165 ($89 + $65 + $11), which is $16.50. Hotels, car rentals,
and guided tours are reportable segments based on the profit threshold test.
Based on the asset threshold test, any segment with assets of $226 is reportable. Based on this test, only
the hotels, car rentals, and bus tour segments are reportable.
Based on the above analysis hotels, car rentals, guided tours, and bus tours are reportable.
From an ethical perspective, companies may attempt to hide poor operating results by combining
segments. It is up to management to define the segments, which could be based on products, services,
geographies, or customers. It may be that segregation by products/services would show some segments
to show losses and some profits. On the other hand, segmentation by customer type (business and
residential, for example) might report all segments being profitable, which would provide a more
favourable picture.
Page Ref: 364-369
Learning Obj.: 7.1

7-14
35) Explain what an operating segment is. For each of the examples below, determine what operating
segments the company has and why.
a. A beverage company sells beer, wine, and bottled water. The beer and wine are sold through liquor
store outlets and directly to restaurants. The bottled water is sold to retailers.
b. A company sells leather apparel. The company designs, manufactures, and retails these goods
through its own retail outlets. There are primarily three divisions: (1) designing and sourcing and
purchasing various raw materials; (2) manufacturing; and (3) distribution and retail. The design and raw
materials flow through to the manufacturing division. All output of the manufacturing division is
transferred to the distribution and retail division. Only the distribution and retail division has external
revenues. The other divisions have internal revenues only.
c. A drug company researches, manufactures, and distributes its drugs to pharmacies and hospitals in
Canada, the United States, and Australia. It currently manufactures three drugs. Two of these drugs treat
diabetes, and one drug is used to treat arthritic pain. The company has a fourth drug that is in phase three
of the research process, awaiting final approval. This drug will also be used to treat pain, but mainly
headache pain.
Answer: An operating segment is defined as having three criteria as outlined in IFRS 8:
1. It is a component of the enterprise that is expected to generate revenues and incur costs.
2. Discreet financial information is regularly available through the company's accounting system.
3. The business component's operating results are regularly reviewed by the chief operating decision-
maker.
First of all, we assume that all the divisions have discreet financial information available that is regularly
reviewed by the chief operating decision maker.
a. Beer and wine and bottled water could be seen as three separate operating segments, having separate
managers and being distinct products. On the other hand, beer and wine are sold in the same markets to
the same type of customer and could be grouped as alcoholic beverages. Bottled water would then be a
separate operating segment.
b. For the leather apparel company, there are three divisions, but all the output is sold by the
distribution and retail division. There are no materials bought from external suppliers by the
manufacturing or the distribution and retail division. Although each division does generate revenues and
expenses, it is likely that they would all be aggregated together as a single vertically integrated segment,
rather than as three separate segments.
c. The company currently has four products, three of which produce revenue and one that is expected
to generate revenue. So based on product lines, the company would possibly identify four segments.
However, based on the type of disease that these products are marketed to, there are two segments–
diabetes and pain; or three segments–diabetes, arthritic pain, and headache pain. A final segmentation
would be based on geographic markets: Canada, the United States, and Australia. The final
determination of which segments to report would be based on how the assessment of the chief operating
decision-maker.
Page Ref: 364-365
Learning Obj.: 7.1

7-15
Another random document with
no related content on Scribd:
sketch of, 309, 310;
selected by Hamilton and King as Federalist candidate for President, in
1796, 310.
Pintard, John, chief of Tammany Society, 148.
Porcupine’s Gazette, active in urging war with France, 350-60;

publishes Martin’s attacks on Jefferson, 352, 353;
abusive to Democrats, 354, 355;
on Lyon-Griswold fight in House, 361.
Powell, Mrs. Samuel, aunt of Mrs. William Bingham, 132.
Priestley, Joseph, English liberal, addresses Tammany and other

‘Democratic Societies’ in New York, 259.
Randolph, Edmund, Attorney-General under Washington, considers

Hamilton’s Bank Bill unconstitutional, 77;
on reception of Genêt, 215;
succeeds Jefferson as Secretary of State, 239;
and French Minister Faucet, 285;
is dismissed from Cabinet, 286.
Read, Jacob, Senator from South Carolina, denounced in Charleston for

supporting Jay Treaty, 281.
Reign of Terror, Alien and Sedition Laws produce, in 1798, 380-82;

continued through two years, 383;
riotings, 384;
victims, 386-93, 398-406.
Report on Manufactures, Hamilton’s, 161;

newspaper comments on, 161.
Report on the Public Credit, Hamilton’s, 43-68;

debated in Congress, 44.
Reynolds, James, seeks to blackmail Hamilton, 187.
Ricketts, John, proprietor of the Circus, Philadelphia, 138.
Rights of Man, by Thomas Paine, copy lent by printer to Jefferson, 82;

in returning borrowed copy to printer Jefferson writes note commending
pamphlet, 83;
Jefferson’s note used by printer as preface, 83;
effect of publication, 83, 84;
newspaper controversy over, 83, 84.
Rittenhouse, David, scientist and friend of Jefferson, 149;

and Jefferson in library of Philosophical Society, Philadelphia, 156;
aids in preparations for reception of Genêt, 219;
president of Democratic Club of Philadelphia, 223.
Rochefoucauld-Liancourt, Duc de La, on Philadelphia, 124, 125;

in Philadelphia, 135.
Rush, Dr. Benjamin, writes letters to Maclay against Assumption, 61;

on Paine’s Rights of Man, 84;
letter to Burr, 147;
Jefferson’s friend, 149;
in yellow fever epidemic in Philadelphia, 237.
Rutledge, John, denounces Jay Treaty, 280;

appointment as Chief Justice not confirmed, 289.
Saint Cecilia Society, Democratic Club in Charleston, 223.
St. Clair, General Arthur, failure of expedition against Indians made issue
by Jeffersonians in campaign of 1792, 175.
Schuyler, Philip, father-in-law of Hamilton, elected Senator from New

York, 36;
letter of Hamilton to, on Washington, 41, 42;
and the Assumption Bill, 62.
‘Scrippomony,’ Jefferson on, 87.
Sedition Bill, purpose to crush Jeffersonian press, 376, 377;

debates on, in Congress, marked by disorder, 378;
passed by small margin, 380.
Sedgwick, Theodore, speculator in public securities, defends Funding Bill,

48, 49;
on funding of debt, 48, 49, 50;
on Madison’s plan to amend Funding Bill, 55;
speech on the Assumption Bill, 62;
and Excise Bill, 72;
and amendment to Excise Bill, 73;
on Giles’s resolutions attacking Treasury management, 201;
recommended Adams’s nomination as Vice-President, in 1789, 325;
on results of 1798 elections, 383.
Sedgwick, Mrs. Theodore, 134.
Sherman, Roger, Representative and Senator from Connecticut, on titles, 3.
Sign of the Sorrel Horse, Philadelphia tavern, 119.
Smith, Mrs. Margaret Bayard, on Jefferson, 92, 93.
Smith, Samuel, on Madison commerce resolutions, 241.
Smith, Jeremiah, on Philadelphians, 116.
Smith, William, Representative from South Carolina, on Madison’s

amendment to Funding Bill, 55;
chosen director of Bank of United States, 90;
on Giles’s resolutions attacking Treasury management, 201, 203;
on Madison’s commerce resolutions, 240, 242.
Southwark Theater, Philadelphia, 137.
Speculation, in government securities, 44-47;

members of Congress involved, 46-48;
in stock and scrip, 87;
fraud and counterfeiting, 88;
Hamilton shocked and concerned, 88;
bubble bursts in 1792, 176;
Hamilton’s policies charged as cause of panic, 177;
newspaper comments on, 177.
Spooner’s Vermont Journal, on the Jay Treaty, 283.
Steele, John, North Carolina, 181.
Stewart, Mrs. Walter, daughter of Blair McClenachan, social leader of

Philadelphia, 132.
Strong, Caleb, Senator from Massachusetts, 9;

and the Assumption Bill, 62.
Sullivan, James, lawyer, pamphleteer, and orator for the Democrats, 145.
Tammany, Sons of, rival organization to Society of the Cincinnati, 148;

at first non-partisan, then fervid Jeffersonians, 148.
Tariff, in First Congress, 19;

in Second Congress, 161;
Hamilton’s Report on Manufactures excites little attention, 161.
Taylor, John, of Caroline, a Jeffersonian leader in Virginia, 149, 150;

Jeffersonian leaders confer at home of, 205;
pamphlet analyzing vote in Congress vindicating Hamilton, attributed to,
205, 206;
introduces Virginia Resolutions in Legislature, 409.
Tilley, Count, 135.
Treaty with the Southern Indians, Washington’s attitude on presentation to

the Senate, 21, 22.
Trumbull, John, paints portrait of Hamilton, 162.
Tucker, George, editor of Blackstone’s Commentaries, 169.
Twining, Thomas, in Philadelphia, 120.
United States Chronicle, on Freneau’s attacks on Hamilton, 164.
Venable, Abraham B., of deputation from Congress to Hamilton on the

Reynolds charges, 187.
Vermont Journal, on Hamilton’s Passaic Falls scheme, 162.
Vining, John, Representative from Delaware, and Assumption, 61;

Maclay on, 61.
Virginia Resolutions, written by James Madison, and introduced in

Legislature by John Taylor of Caroline, 409;
contemporary opinions of, 409-11.
Wadsworth, Jeremiah, Representative from Connecticut, speculator in

certificates, 47 n.;
sneers at soldiers of Revolution, 55, 56;
elected director of Bank of United States, 90.
Warville, Brissot de, and Mrs. Bingham, 128, 129.
Washington, George, reception on arrival in New York, 6, 7;

inaugurated President, 7;
bored by dignities and ceremonial of office, 16, 17;
his solemn dinners, 18;
presents in person treaty with Southern Indians for ratification by Senate,
20;
annoyed by proposal to refer treaty to committee, 21;
rents house of Robert Morris in Philadelphia, 119;
endeavors, unsuccessfully, to effect reconciliation between Jefferson and
Hamilton, 171;
Hamilton refuses to discontinue attacks in Fenno’s Gazette, 172;
and the French Revolution, 214;
issues Neutrality Proclamation, 216;
and Jefferson in the case of the Little Sarah, 228;
reluctantly accepts Jefferson’s resignation, 233, 234;
appoints Jay special envoy to Great Britain, 247;
attacks Democratic Societies in Message, 261;
delays signing Jay Treaty, 285;
his prestige used to make Treaty more acceptable, 286;
is attacked by Democratic press, 286-88;
refuses to comply with request of House for papers pertaining to Jay
Treaty, 298;
refuses to be a candidate for a third term, 308;
accepts chief command of army in prospective war with France, 413;
selects Hamilton, Pinckney, and Knox as major-generals, 413.
Washington City, new capital, in 1800, 486-89;

‘city of magnificent distances,’ but mud roads, 487.
Whiskey Boys, the. See Whiskey Insurrection.
Whiskey Insurrection, the, 250-56;

grew out of enforcement of Excise Law, 251;
Hamilton active in suppressing, 254-56;
ringleaders arrested, harshly treated, and jailed, 255;
most of prisoners acquitted on trial, 255;
two convicted, but pardoned by Washington, 256;
tempest in a teapot, 256.
Williamson’s Gardens, New York City, 10.
Willing, Thomas, business partner of Robert Morris, elected director of

Bank of United States, 90.
Wingate, Paine, on Federal Hall, 2.
Witherspoon, John, president of Princeton, 157.
Wolcott, Mary Ann, sister of Oliver Wolcott, afterward Mrs. Chauncey

Goodrich, 134.
Wolcott, Oliver, of Connecticut, on Hamilton’s religious views, 41;

mouthpiece for Hamilton, 59, 60;
on Philadelphians, 116;
on demonstrations against Jay Treaty, 275;
Adams’s Secretary of the Treasury, sketch of, 331-34.
Wolcott, Mrs. Oliver, called ‘the magnificent,’ 134.
Wythe, George, Virginia lawyer and politician, 96;

presides at meeting in Richmond denouncing Jay Treaty, 282.
X Y Z papers, Federalists familiar with, before publication, 364;

Hamilton sees trump card in them for war party, 364;
Jeffersonians kept in ignorance, 364;
excitement intense on publication, 365, 366;
‘millions for defense, but not one cent for tribute,’ a clarion call, 366;
rioting in Philadelphia, 367.
Yellow Cat, the, Philadelphia tavern, 120.
Yellow fever, in Philadelphia, 237, 238;

in New York, Boston, and Philadelphia, 380.
FOOTNOTES:
[1] Pickering (Wingate to Pickering), II, 447.
[2] Ames, I, 31.
[3] Writings, I, 450.
[4] Ames, I, 31, 32.
[5] Pickering (Wingate to Pickering), II, 447.
[6] Ames, I, 31; Pickering, II, 447.
[7] Republican Court, 120-22; Story of a Street, 101.
[8] Ames, I, 32-34.
[9] Writings, I, 450.
[10] Ames (to Minot), I, 41-42.
[11] Republican Court, 122, note.
[12] Adams’s explanation, Works, VIII, 511-13.
[13] Maclay, 2-3.
[14] Maclay, 7-10.
[15] Ibid., 22-24.
[16] Ibid., 25-27.
[17] Maclay, 37.
[18] Writings, I, 470-71.
[19] Ames, I, 46.
[20] June 3, 1789.
[21] Maclay, 31.
[22] Daily Advertiser, April 24, 1789.
[23] Ibid.
[24] Story of a Street, 221.
[25] Maclay, 7-10.
[26] Ibid.
[27] Gazette of the United States, May 2, 1789.
[28] Ibid.
[29] Ibid, May 8, 1789.
[30] Daily Advertiser, May 8, 1789.
[31] Daily Advertiser, May 8, 1729.
[33] Governor Page complained bitterly of hogs and mud. Memorial History, III,
48.
[34] The Daily Advertiser advertises the specifications April 13, 1789.
[35] Maclay, 90.
[36] Gazette of the United States, June 27, 1789.
[37] Memorial History, III, 47.
[38] Daily Advertiser, March 6, 1789.
[39] Memorial History, III, 45.
[40] Daily Advertiser, April 15, 1789.
[41] New York in 1789, 117.
[42] Memorial History, III, 65; New York in 1789, 117-20.
[43] New York in 1789, 172-75.
[44] Ibid., 176.
[45] Ibid., 178.
[46] May 9, 1789.
[48] Maclay, 31.
[50] Ibid., September 19, 1789.
[51] Story of a Street, 112.
[52] Gibbs, I, 22.
[53] Ibid., I, 43.
[54] New York in 1789, 19.
[55] Ibid., 119.
[56] Warville, 96-97.
[58] Brooks, Knox, 217-18.
[59] Mrs. Iredell; McRee, Iredell, II, 296-97.
[61] Ibid., May 30, 1789.
[62] Daily Advertiser, June 19, 1789.
[63] Gazette of the United States, April 15, 1789.
[64] Maclay, 257-58.
[65] Wharton, Salons, Colonial and Republican, 53.
[66] Maclay, 266.
[67] Ibid., 73-74.
[68] Story of a Street, 112, 114-17, 121.
[69] Richmond Hill, at present site of Charlton and Varick Streets.
[70] Letters of Mrs. Adams (to Mrs. Shaw), II, 201; (to Thomas Brand-Hollis), II,
205.
[71] Ames (to Minot), I, 34; Maclay, 375; Familiar Letters, 86-89.
[72] Adams, Works, VIII, 491-92.
[73] Thayer’s Washington, 180-81.
[76] Autobiography, Ford, I, 171.
[77] Maclay, 138.
[78] Iredell, II, 138.
[79] Maclay, 138.
[80] Ibid., 138, 206.
[81] Ibid., 101.
[82] Maclay, 38.
[83] Ibid., 50.
[84] Bassett, The Federalist System.
[85] Gerry, Annals, May 20, 1789.
[86] Writings (to Randolph), I, 471-73.
[87] Jackson, Annals, I, 486-89.
[88] Page, Annals, I, 548-52.
[89] Maclay, 128-31.
[90] Iredell (Lowther to Iredell), II, 258-59.
[91] Writings, I, 471-73.
[92] Warville, 102.
[93] Familiar Letters, 236-37.
[94] Oliver, 114.
[95] Gibbs, I, 22.
[96] Autobiography, 278.
[97] Morris, Diary, II, 456.
[98] Oliver, 15.
[99] See Appendix, Lodge, Alexander Hamilton.
[100] Works, IX, 405-06; letter to brother.
[101] Ibid., X, 109.
[102] Intimate Life, 3.
[103] Life, by son, I, 4.
[104] Fiske, I, 104-05.
[105] Life, by son, I, 10.
[106] Ibid., 22.
[107] Ibid., 263-74.
[108] Payne’s Journalism, 191-92.
[109] Works, I, 202.
[110] Ibid., I, 213-39.
[111] Ibid., I, 243-87.
[112] Life, by son, II, 277.
[113] Ibid., I, 69.
[114] Works, VI, 276.
[115] Life, by son, I, 69.
[116] Ibid., I, 318.
[117] Ibid.
[118] Lodge, 26.
[119] Oliver, 27.
[121] Oliver, 161-62.
[122] Lodge, 177-78; Oliver, 163-64.
[123] Oliver, 86.
[124] Ibid., 263.
[125] Ibid., 376.
[126] Works, VI, 457.
[127] Oliver, 149.
[128] Fiske, 120; Lodge, 58.
[129] Beck, 75.
[130] Oliver, 156.
[131] Works, I, 347-69.
[132] Beck, 76.
[133] Life, by son, II, 487.
[134] Ibid., 487.
[135] Ibid., 488.
[136] Ibid.
[137] Ibid.
[138] Ibid., 516.
[139] Lodge, 60.
[140] Works, I, 404.
[141] Gordy, I, 70.
[142] Works, I, 417.
[143] Ibid.
[144] Works, I, 420.
[145] Lodge, 62-63.
[146] Statement to Tench Coxe quoted by Jefferson, Works of Jefferson, Ford, I,
338.
[147] Letter to G. Morris, Works, X, 425.
[149] Works, X, 480.
[151] Life, by son, I, 398.
[152] Parton’s Jefferson, 358.
[154] Oliver, 177-78.
[155] Works, X, 3; letter to King.
[156] Jefferson’s Anas, I, 180.
[158] Lodge, 156.
[159] Works, X, 354.
[161] Cabot, 298-300.
[163] Life, by son, I, 236.
[164] Ibid., 233.
[165] Lodge, 81.
[166] Ibid., 144.
[167] Oliver, 40.
[168] Works, X, 90-91.
[169] Ibid., X, 425-26.
[170] Works, X, 123-26; letter to Lloyd.
[171] Parton’s Jefferson, 355.
[173] Works, IX, 256-58.
[175] Morison’s Otis (to Mrs. Otis), I, 141-43.
[176] Cabot, 204-05.
[177] Morison’s Otis, I, 141.
[178] Lodge, 272.
[179] Oliver, 76.
[180] Ibid., 381.
[181] Griswold, 173.
[183] Ibid., 56.
[184] Ibid., 60.
[185] Ibid., 259.
[186] Ibid., 73.
[188] Works, V, 61 (to Washington); X, 256 (to William Smith); X, 275 (to King);
X, 343 (to Pickering).
[189] Life, by son, reminiscences of Troup, I, 10.
[190] Ibid.
[191] Works, VI, 276.
[192] Ibid., X, 432-37.
[194] Ibid., 406.
[195] Oliver and Sumner.
[197] Works, IX, 232-37.
[198] Ibid., X, 356-57.
[199] Daily Advertiser, October 9, 1789.
[200] Gerry and Clymer, both supporters of the Report, objected. Annals, January
9, 1790.
[201] Maclay, 177.
[202] Writings, J. Q. Adams, I, 49.
[203] Connecticut Gazette, February 19, 1790.
[204] Lodge, 90-91.
[205] Ibid.
[206] Madison’s Writings (letter to Pendleton), I, 507-09.
[207] Maclay, 179. The member of Congress who sent the vessels was Jeremiah
Wadsworth of Connecticut.
[208] Professor C. A. Beard makes a conclusive case against both in his Economic
Origins of Jeffersonian Democracy.
[209] Works of Jefferson, I, 354.
[210] Mr. Amory, H. G. Otis, and William Wetmore.
[211] Writings of J. Q. Adams, I, 56-59.
[212] Maclay, 177-78.
[213] Beard’s Economic Interpretation, 104-12.
[214] Gazette of the United States, ‘Common Sense,’ January 30, 1790.
[215] Annals, January 28, 1790.
[216] Ibid.
[217] Maclay, February 1, 1790.
[218] Maclay, 194.
[219] Annals, February 10, 1790.
[220] New York Daily Advertiser, February 13, 1790.
[221] Familiar Letters, 108.
[223] Fiske, 187.
[224] Ames (letter to Minor), I, 35.
[225] First Forty Years of American Society, Family Letters of Mrs. Margaret
Bayard Smith, 61.
[226] Works of Jefferson, Ford, I, 86.
[227] Mrs. Smith, 63.
[229] Madison’s Writings, I, 507.
[231] Writings (to Randolph), I, 512.
[232] White, Annals, February 16, 1790.
[233] White, Annals, February 16, 1790.
[234] Maclay, 199.
[235] Ibid., February 22, 1790.
[236] Writings, J. Q. Adams, I, 49.
[238] Centinel, February 24, 1790.
[239] Ibid., March 20, 1790.
[240] Pennsylvania Gazette, copied in Maryland Gazette, February 26, 1790.
[241] Boston, Independent Chronicle, March 4, 1790.
[242] Boston, Independent Chronicle, March 25, 1790.
[243] Ibid., April 15.
[244] Maclay, 202.
[245] Ibid., 205.
[246] New York Advertiser, February 20, 1790.
[247] Ibid., February 22, 1790.
[248] Comptroller of the Treasury.
[249] Gibbs, I, 43.
[250] Madison’s Writings (to Jefferson), I, 511.
[251] McRee, Iredell (from Senator Johnson), II, 286; (from William R. Davie), II,
281, note.
[252] King, I, 385.
[253] Henry, II, 459.
[254] Stone of Maryland.
[255] Maclay, 203.
[256] Ibid., 209.
[257] Ibid., 212.
[258] Ibid., 214.
[259] Maclay, 227, 230.
[260] Ibid., 234.
[261] Elias Boudinot of New Jersey.
[262] Maclay, 237.
[263] Maclay, 248.
[264] Ibid., 250.
[265] Writings, I, 517.
[266] McRee, Iredell, II, 286.
[267] Lodge, Cabot, 35-36.
[268] Ibid. (to Goodhue), 37.
[270] Ibid., April 24, 1790.
[271] Centinel, June 19, 1790.
[272] Daily Advertiser, March 24, 1790.
[273] Ames (to Dwight), I, 79-80.
[274] Maclay, 292.
[275] Ibid., 299.
[276] Maclay, 310.
[277] Works, Ford, VIII, 42-45.
[278] Ibid., VIII, 52.
[279] Writings (to Monroe), I, 522.
[280] Maclay, 332.
[281] Gazette of the United States, August 25, 1790.
[282] February 25, 1791.
[283] Brooks, Knox, 213.
[284] Maryland Journal, February 11, 1791.
[285] Josiah Parker.
[287] Samuel Livermore.
[290] Maclay, 385.
[291] Ibid., 385.
[292] Maclay, 387.
[293] Jefferson’s Works, VIII, 123.
[294] Works, III, 319-41; 342-87.
[295] Ibid., 388-443.
[296] Maclay, 364.
[297] Ibid., 369.
[299] Ames (to Dwight), I, 94.
[301] Jefferson’s Works, III, 145-53.
[302] Madison’s Writings, III, 171.
[303] Madison’s Writings, III, 171.
[304] Ames (to Minot), February 17, 1791.
[305] Madison’s Writings (to Jefferson), I, 534-35.
[306] Hamilton’s Works (letter to Carrington), IX, 513-35.
[307] Parton, II, 1.
[308] Dustin’s Freneau, 160.
[309] May 11, 1791.
[311] Daily Advertiser, February 25, 1791.
[312] Independent Chronicle, March 10, 1791.
[313] New York Daily Advertiser, July 19, 1791.
[314] British Agent.
[315] Domestic Life, 197-98. Jefferson was living in the country.
[316] Maryland Journal, March 22, 1791.
[317] Domestic Life, 199.
[318] Ibid., 201.
[320] Gay’s Madison.
[322] Graydon, 375.
[323] McRee, Iredell, II, 335.
[324] Adams, Adams, I, 454.
[325] New York Daily Advertiser, July 8, 1791.
[326] Ibid., July 9, 1791.
[327] Ibid., July 14, 1791.
[328] Independent Chronicle, June 23, 1791.
[329] Ibid., July 7, 1791.
[330] Ibid., August 26, 1791.
[331] Ibid.
[333] Adams, Works, VIII, 503.
[334] Ibid., 505.
[339] Ibid., I, 534.
[341] Maryland Journal, February 15, 1791.
[342] Pennsylvania Gazette, September 7, 1791.
[343] August 17, 1791.
[344] Hamilton’s Works (to King), I, 402.
[345] August 8, 1791.
[346] August 9, 1791.
[347] August 13, 1791. ‘Scrips sold last night: Cash 212-202-210-206; 10 days,
216, 217-1/2, 214; 30 days, 223, 212, 215; 45 days, 216; 60 days, 219; Sept. 10, 224;
Deliver and pay December 1, 235; Deliver October 1 and pay January 1, 242;
Monday next, 207; Tuesday, 215-1/2, 217, 210.’ (New York Daily Advertiser.)
[348] Daily Advertiser, August 15, 1791.
[349] New York Daily Advertiser.
[350] Daily Advertiser, August 17, 1791.
[351] New York Daily Advertiser, September 21, 1791.
[352] Independent Chronicle, September 1, 1791.
[353] Independent Chronicle, August 18, 1791.
[354] Maclay, 272.
[356] Maclay, 272.
[357] Mrs. Smith, 6.
[358] Ibid., 6-7.
[359] Liancourt, III, 157.
[360] Parton on the Moore incident, III, 115-19.
[361] Maclay, 272.
[362] Mrs. Smith, 6-7.
[363] Maclay, 272.
[366] Maclay, 272.
[367] Liancourt, III, 157.
[369] Mrs. Smith, 6-7.
[370] Randall, I, 14.
[371] Dodd, Statesmen of the Old South, 3-4.
[372] Ibid., 9.
[373] Dodd, Statesmen of the Old South, 23.
[374] Parton’s Jefferson, I, 27.
[375] Randall, III, 448.
[376] Autobiography, I, 77.
[377] Fiske, 148.
[378] Works (to Mrs. Trist), V, 151.
[379] Ibid. (to Bellini), V, 151.
[380] Ibid. (to Mrs. Trist), V, 81-82.
[381] Ibid. (to Bellini), V, 151-54.
[382] Morris, Diary, I, 101.
[383] Domestic Life (letter to Madison), 155; Works, I, 131-38.
[384] Domestic Life (letter to Adams), 156.
[385] Ibid. (to Jay), 156.
[386] Ibid. (to Jay), 159.
[387] Works (letter to Lafayette), VII, 370; (to De St. Etienne), VII, 370-72; (the
Charter), VII, 372-74.
[388] Ibid., IV, 72.
[389] Ibid. (to De Unger), IV, 138-39.
[390] Autobiography, I, 72.
[391] Mrs. Wharton, 391.
[392] Parton’s Jefferson, I, 344.
[393] Vol. I, 77.
[394] Works, V, 3-4: letter to Chastellus.
[395] Ibid., VI, 428: to Warville.
[396] Randall, I, 17.
[397] Ibid., III, 556-58; letter to Rush.
[398] Ibid., 671-76.
[399] Ibid.; also see The Thomas Jefferson Bible, edited by Henry Jackson.
[400] Randall, III, 547.
[401] Dodd, Statesmen of the Old South, 36.
[402] Randall, III, 620-22.
[403] Works, VI, 11-15; to Charles Thompson.
[404] Ibid., 227-29 (to Edward Carrington); 269-71 (to J. Blair).
[405] Ibid., 296-301 (to Benjamin Hawkins and George Wythe); 231-32 (to Count
Del Vermi).
[406] Ibid., 285-89; to John Adams.
[407] Ibid., 368.
[408] Ibid., 378-83; to William Carmichael.
[409] Works, VI, 385-93.
[410] Ibid., 425-27. I have the authority of Josephus Daniels for a tradition in
North Carolina that such a letter in the hands of Willie Jones was responsible for the
failure of the first Convention there to ratify. The letter is apparently lost.
[411] Ibid., VII, 26-30; to Carmichael.
[412] Ibid., 36-39; to Colonel Carrington.
[413] Ibid., 79-88.

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Beechy, Trivedi, MacAulay Advanced Financial Accounting, Seventh Edition

Chapter 7 Segment and Interim Reporting

Test Bank for Advanced Financial Accounting Canadian 7th

1) Which of the following organizations does IFRS 8 not apply to?

2) Which of the following is not a requirement in defining an operating segment?

3) Which of the following is not an aspect in identifying an operating segment?

4) Which of the following is not a threshold for identifying a reportable segment?

Copyright © 2014 Pearson Canada Inc.

Copyright © 2014 Pearson Canada Inc.

6) The thresholds for segmental financial reporting exclude ________.

7) Faulk Ltd. has provided the following information:

Segment Assets Revenues Profits

Under the profit test only, which segments are reportable?

Copyright © 2014 Pearson Canada Inc.

8) Faulk Ltd. has provided the following information:

Segment Assets Revenues Profits

Under the revenue test only, which segments are reportable?

9) Faulk Ltd. has provided the following information:

Segment Assets Revenues Profits

Under the asset test only, which segments are reportable?

Copyright © 2014 Pearson Canada Inc.

10) Faulk Ltd. has provided the following information:

Segment Assets Revenues Profits

Using all the applicable tests, which segments are reportable?

Segment International Sales External Sales Total Sales

Which of the operating segments must be reported separately?

Copyright © 2014 Pearson Canada Inc.

Segment D Segment E Segment F Total

Which of the operating segments must be reported separately?

13) An organization has identified the following segments:

Segment Operating Profit (Loss)

Which of the identifiable segments above are reportable?

Copyright © 2014 Pearson Canada Inc.

17) What is the main objective in disclosing segmented information?

Copyright © 2014 Pearson Canada Inc.

18) Which of the following segment information must be disclosed?

19) Which organizations are required to issue interim financial statements?

Copyright © 2014 Pearson Canada Inc.

Copyright © 2014 Pearson Canada Inc.

Copyright © 2014 Pearson Canada Inc.

Copyright © 2014 Pearson Canada Inc.

Segment Revenues Profit Assets

Copyright © 2014 Pearson Canada Inc.

Copyright © 2014 Pearson Canada Inc.

Answer: (All discussion in millions of dollars.)

Copyright © 2014 Pearson Canada Inc.

Copyright © 2014 Pearson Canada Inc.

Pintard, John, chief of Tammany Society, 148.

Porcupine’s Gazette, active in urging war with France, 350-60;

Powell, Mrs. Samuel, aunt of Mrs. William Bingham, 132.

Priestley, Joseph, English liberal, addresses Tammany and other

Randolph, Edmund, Attorney-General under Washington, considers

Read, Jacob, Senator from South Carolina, denounced in Charleston for

Reign of Terror, Alien and Sedition Laws produce, in 1798, 380-82;

Report on Manufactures, Hamilton’s, 161;

Report on the Public Credit, Hamilton’s, 43-68;

Ricketts, John, proprietor of the Circus, Philadelphia, 138.