Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1: Which of the following statements is true?

a. IFRS requires a greater application of professional judgment by the preparer of the financial statements
b. IFRS requires a lesser application of professional judgment by the auditors of the financial statements
c. IFRS is rule-based rather than principle based
d. U.S. FASB pronouncements are identical to IFRS

problem 2: Under which type of investment in equity securities would unrealized gains be reported in net income?

a. fair value through profit or loss
b. available-for-sale, market value available
c. available-for-sale, market value not available
d. significant influence

problem 3: Under the cost method, the investor’s share of dividends is:

a. reported in net income when received
b. reported in net income when declared
c. reported as a reduction to the investment account when received
d. reported as a reduction to the investment account when declared

problem 4: For purposes of calculating a parent company’s separate-entity income,

a. unrealized profits on intercompany transactions have no effect
b. unrealized profits on upstream transactions must be deducted
c. unrealized profits on downstream transactions must be deducted
d. unrealized profits on both upstream and downstream transactions must be deducted 

problem 5: After January 1, 2011, what is the preferred method of consolidation?

a. proprietary method
b. parent company method
c. parent company extension method
d. entity method

problem 6: Under the acquisition method, goodwill is defined as the excess of the pur    over the
a. fair value of the identifiable assets
b. fair value of the tangible assets
c. fair value of the net assets
d. book value of the net assets

problem 7: Which of the following stakeholders would find a company’s consolidated financial statements more useful than its separate-entity financial statements?

a. parent company’s creditors
b. subsidiary company’s creditors
c. minority shareholders
d. tax department

problem 8: What is the acquisition date for a business combination?

a. date of the first fiscal year-end when the business combination
b. when the acquirer obtains control of the acquiree
c. when the acquirer obtains an interest in the acquiree
d. when the acquirer obtains significant influence in the acquiree

problem 9: Where is the negative goodwill reported on the consolidated financial statements

a. under liabilities on the consolidated balance sheet
b. as a component on the consolidated statement of retained earnings
c. as a loss on the consolidated income statement
d. as a gain on the consolidated income statement

problem 10: Under IFRS, goodwill impairment testing is done:

a. on tangible assets as a group and on intangible assets as a group
b. on assets with definite lives as a group and on assets with indefinite lives as a group
c. at the cash-generating unit level
d. using whatever assets groupings are determined appropriate by the company

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M92827

Have any Question? 


Related Questions in Financial Accounting

Accounting assignment- case study-qual support

Accounting Assignment- Case Study-Qual Support Corporation Plant Closing Case Study 1. QualSupport Corporation manufactures seats for automobiles, vans, trucks, and various recreational vehicles. The company has a number ...

Accounting assignmentproject datanoble company is a small

Accounting Assignment Project Data Noble Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent sales agents to ...

I loss contingencies entries and essayon november 24 2014

I. (Loss Contingencies: Entries and Essay) On November 24, 2014, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totalin ...

Assignment exxon versus chevronaccording to the textbook

Assignment: Exxon versus Chevron According to the textbook, the income statement measures the success of a company's operations for a given period. The income statement is important to investors and creditors, because it ...

Who are the major stakeholders of the bank that you do

Who are the major stakeholders of the bank that you do business with locally? What are the major claims of those stakeholders? What is their mission statement and vision statement? Conduct a search and write a minimum of ...

One of the auditorrsquos roles is to verify inventory

One of the auditor’s roles is to verify inventory values. The auditor would have to verify both the quantity on hand and the unit cost to determine the inventory value. How would the auditor verify the quantity?

Assignmentrecording general fund operating budget and

Assignment Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimate ...

Assignment business accounting and youthe goal of this

Assignment: Business, Accounting, and You The goal of this graded project is to create the following financial statements for J & L Accounting, Inc.: Balance sheet Income statement Statement of retained earnings Post-clo ...

Assignment in wileyplusexercise 1indicate whether each of

Assignment in WileyPLUS Exercise 1 Indicate whether each of the following statements is true or false. 1. The corporation is an entity separate and distinct from its owners. 2. The liability of stockholders is normally l ...

Assignment ccr report amp power point presentationrefer to

Assignment: CCR REPORT & POWER POINT PRESENTATION Refer to www.agacgfm.org for information on the CCR. A CCR is a 4 page document summarizing information and creating a presentation for citizens and other stakeholders. A ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen