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

Paperwrite a 750- to 1050-word paper in which

PAPER Write a 750- to 1,050-word paper in which you: • Explain the principles of internal control. • Explain the use of cash and internal controls to prevent fraud. • Explain why corporations invest in stocks and debt se ...

Introduction to financial accounting assignment please

Introduction to Financial Accounting Assignment Please answer all Questions.  QUESTION 1 - Frank, a hospitality event consultant, started business on 01 May. The following is a list of transactions for the month of May.  ...

Assignmentproject instructionsyou have just been contracted

Assignment PROJECT INSTRUCTIONS You have just been contracted as a budget consultant by LBJ Company, a distributor of bracelets to various retail outlets across the country. The company has done very little in the way of ...

Assessmentpurpose this assessment is designed to allow

Assessment Purpose: This assessment is designed to allow students to demonstrate a higher level of understanding of accounting standards and theoretical and philosophical approaches, as they apply to the resolution of mo ...

Financial accounting assignmentcase study 1 - activity

FINANCIAL ACCOUNTING ASSIGNMENT Case Study 1 - Activity Classification (Statement of Cash Flows) You are provided with the following transactions that took place during a recent fiscal year. Transaction Statement of Cash ...

Assume that you make and sell 7800 t shirts in the first

Assume that you make and sell 7800 t shirts in the first year. Use your cost formula to calculate your first years total cost. If you sell these shirrs at $15 each how much will the net profit be.

Discussionanswer in 2-3 paragraphs and use

DISCUSSION ANSWER IN 2-3 PARAGRAPHS AND USE SCHOLARLY SOURCE(S) First, search the internet for the official website of your local city government. If you cannot find your city, select your state. After reviewing this web ...

Assignmentcomprehensive receivables problem connecticut inc

Assignment (Comprehensive Receivables Problem) Connecticut Inc. had the following long-term receivable account balances at December 31, 2006. Note receivable from sale of division $1,800,000 Note receivable from officer ...

Assignmentscenario for assignments 1-5for assignments 1-5

Assignment Scenario for Assignments 1-5 For Assignments 1-5, you are the new budgeting and finance administrator for your local government agency. Your first responsibility is to become familiar with the agency, the budg ...

Assignmenti structuring a keep-or-drop product line

Assignment: I. Structuring a Keep-or-Drop Product Line Problem Shown below is a segmented income statement for Orzo Company's three laminated flooring product lines:   Strip Plank Parquet Total Sales revenue $400,000 $20 ...

  • 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