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

Research the major risks for businesses that indulge in

Research the major risks for businesses that indulge in commercial applications of social networking. Also, review the readings on page 311 of your textbook about how organizations can respond to social networking proble ...

Describe the steps in the exporting process and each of the

Describe the steps in the exporting process and each of the instruments that facilitate exporting. What are export management companies and what are export trading companies? What purposes do they serve and in what way a ...

Refer to the records retention schedule shown in figure 76

Refer to the records retention schedule shown in Figure 7.6 to determine the destruction date of the records. In the table below Figure 7.6, key the dates in the Destruction Dates column. Key "Do not destroy" if a record ...

Assignmentthe assignment requires the use of the

Assignment The assignment requires the use of the Library/Internet research to locate and study written articles on any topics on financial accounting that was covered in the class. The student is required to critique, a ...

Assignmentbullnote some of the assessments in this course

Assignment • Note: Some of the assessments in this course build upon each other, so you are strongly encouraged to complete them in the order in which they are presented. For this assessment, you may use Word or Excel to ...

Part 1beckwith boots invested 100000 in 5-year bonds issued

Part 1 Beckwith Boots invested $100,000 in 5-year bonds issued by Ace Brick Company. The bonds were purchased at par on January 1, 20X1, and bear interest at a rate of 8% per annum, payable semiannually. (a) Prepare the ...

Assignmentsqueezed by rising costs a confectioner struggles

Assignment Squeezed by Rising Costs, a Confectioner Struggles to Cope Telford James and his wife Ivey are the second-generation owners of James Confectioners, a family-owned manufacturer of premium chocolates that was st ...

Describe corporate espionagedefine at least three ways to

Describe Corporate Espionage. Define at least three ways to prevent it. Your paper should meet the following requirements: Be two to three pages in length

The marketing concept holds that a customers who are coaxed

The marketing concept holds that ________. a. customers who are coaxed into buying a product will most likely buy it again b. a new product will not be successful unless it is priced, distributed, and sold properly c. co ...

Briefly describe a health care provider with which you are

Briefly describe a health care provider with which you are familiar and how that organization should position its offerings. Provide specific examples to support your response. Referring to the same health care provider, ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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