Levens Co. operates in several distinct business segments. The company does not have any reportable foreign operations or major customers. Required: 1. What is the purpose of operating segment...

Levens Co. operates in several distinct business segments. The company does not have any reportable foreign operations or major customers.
Required:
1. What is the purpose of operating segment disclosures?
2. Define an operating segment.
3. List the amounts to be reported by operating segment.
4. How would your answer to requirement 3 differ if Levens Co. prepares its segment disclosure according to International Financial Reporting Standards?