Question 1

Consolidation entries are never posted to a general ledger.

Accepted Answer

A) True 
 B)False

Question 2

_____ In an aggregated consolidated balance sheet, the subsidiary's individual assets are

Accepted Answer

A)  Shown separately. 
B)  Not included. 
C)  Summed with the parent's individual assets. 
D)  Netted against its liabilities and shown as a net amount. 
E)  None of the above. 
A)  Shown separately. 
B)  Not included. 
C)  Summed with the parent's individual assets. 
D)  Netted against its liabilities and shown as a net amount. 
E)  None of the above.

Question 3

A parent cannot consolidate a subsidiary when the parent does not have ____________________________.

Accepted Answer

The answer of A parent cannot consolidate a subsidiary when...

Question 4

A parent cannot consolidate an acquired subsidiary if ownership is expected to be ____________________________________ at the acquisition date.

Accepted Answer

The answer of A parent cannot consolidate an acquired subsidiary...

Question 5

When a subsidiary of a publicly owned company is restricted from paying dividends to its parent as a result of U.S. regulatory restraints, the Securities and Exchange Commission does not allow that subsidiary to be consolidated.

Accepted Answer

A) True 
 B)False

Question 6

_____ In preparing combined financial statements, which of the following accounts are eliminated (brought to a zero balance) in the combining process?

Accepted Answer

A)  Yes Yes 
B)  No Yes 
C)  No No 
D)  Yes No 
A)  Yes Yes 
B)  No Yes 
C)  No No 
D)  Yes No

Question 7

Income taxes can be allocated to a branch.

Accepted Answer

A) True 
 B)False

Consolidation entries are never posted to a general ledger.

_____ In an aggregated consolidated balance sheet, the subsidiary's individual assets are

A parent cannot consolidate a subsidiary when the parent does not have ____________________________.

A parent cannot consolidate an acquired subsidiary if ownership is expected to be ____________________________________ at the acquisition date.

When a subsidiary of a publicly owned company is restricted from paying dividends to its parent as a result of U.S. regulatory restraints, the Securities and Exchange Commission does not allow that subsidiary to be consolidated.

_____ In preparing combined financial statements, which of the following accounts are eliminated (brought to a zero balance) in the combining process?

Income taxes can be allocated to a branch.

Wholly Owned Subsidiaries: Postcreation Periods

Partially Owned Created Subsidiaries & Variable Interest Entities

Introduction to Business Combinations

The Purchase Method: at Date of Acquisition-100 Ownership

The Purchase Method: Postacquisition Periods and Partial Ownerships

New Basis of Accounting

Introduction to Intercompany Transactions

Intercompany Inventory Transfers

Intercompany Fixed Asset Transfers & Bond Holdings

Changes in a Parents Ownership Interest, Statement of Cash Flows, & Earnings Per Share

Reporting Segment and Related Information

International Accounting Standards & Translating Foreign Currency Transactions

Using Derivatives to Manage Foreign Currency Exposures

Translating Foreign Currency Statements: The Current Rate Method

Translating Foreign Currency Statements: The Temporal Method and the Functional Currency Concept

Interim Period Reporting

Securities and Exchange Commission Reporting

Bankruptcy Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Changes in Ownership

Partnerships: Liquidations

Estates and Trusts

Governmental Accounting: Basic Principles and the General Fund

Governmental Accounting: The Special-Purpose Funds and Special General Ledger

Not-For-Profit Organizations: Introduction and Private Npos

Filters

Exam 1: Wholly Owned Subsidiaries: at Date of Creation

Consolidation entries are never posted to a general ledger.

_____ In an aggregated consolidated balance sheet, the subsidiary's individual assets are

A parent cannot consolidate a subsidiary when the parent does not have ____________________________.

A parent cannot consolidate an acquired subsidiary if ownership is expected to be ____________________________________ at the acquisition date.

When a subsidiary of a publicly owned company is restricted from paying dividends to its parent as a result of U.S. regulatory restraints, the Securities and Exchange Commission does not allow that subsidiary to be consolidated.

_____ In preparing combined financial statements, which of the following accounts are eliminated (brought to a zero balance) in the combining process?

Income taxes can be allocated to a branch.

Wholly Owned Subsidiaries: Postcreation Periods

Partially Owned Created Subsidiaries & Variable Interest Entities

Introduction to Business Combinations

The Purchase Method: at Date of Acquisition-100 Ownership

The Purchase Method: Postacquisition Periods and Partial Ownerships

New Basis of Accounting

Introduction to Intercompany Transactions

Intercompany Inventory Transfers

Intercompany Fixed Asset Transfers & Bond Holdings

Changes in a Parents Ownership Interest, Statement of Cash Flows, & Earnings Per Share

Reporting Segment and Related Information

International Accounting Standards & Translating Foreign Currency Transactions

Using Derivatives to Manage Foreign Currency Exposures

Translating Foreign Currency Statements: The Current Rate Method

Translating Foreign Currency Statements: The Temporal Method and the Functional Currency Concept

Interim Period Reporting

Securities and Exchange Commission Reporting

Bankruptcy Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Changes in Ownership

Partnerships: Liquidations

Estates and Trusts

Governmental Accounting: Basic Principles and the General Fund

Governmental Accounting: The Special-Purpose Funds and Special General Ledger

Not-For-Profit Organizations: Introduction and Private Npos

Filters