Question 1

Company B is bound by contract to sell all its output to Company A.Company A is deemed to control Company B.

Accepted Answer

A) True 
 B)False

Question 2

An 'extended group' includes:

Accepted Answer

A)  controlled entities 
B)  associates 
C)  joint ventures 
D)  all the above 
A)  controlled entities 
B)  associates 
C)  joint ventures 
D)  all the above

Question 3

Control of a subsidiary must be actively exercised i.e.the capacity to control does not meet the definition of control.

Accepted Answer

A) True 
 B)False

Question 4

A subsidiary may be:

Accepted Answer

A)  a company 
B)  a partnership 
C)  an individual 
D)  all of the above 
A)  a company 
B)  a partnership 
C)  an individual 
D)  all of the above

Question 5

All companies must prepare 'separate financial statements'.

Accepted Answer

A) True 
 B)False

Question 6

Discuss the requirements for the preparation of 'separate financial statements' under AASB 127.

Accepted Answer

Separate financial statements:
- Definit

Question 7

In the separate financial statements of a parent entity investments not classified as held for sale are accounted for:

Accepted Answer

A)  at cost 
B)  at fair value 
C)  at either cost or fair value 
D)  not recorded 
A)  at cost 
B)  at fair value 
C)  at either cost or fair value 
D)  not recorded

Question 8

If a parent loses control of a subsidiary during a financial year,that subsidiary's results are ignored for consolidation purposes.

Accepted Answer

A) True 
 B)False

Company B is bound by contract to sell all its output to Company A.Company A is deemed to control Company B.

An 'extended group' includes:

Control of a subsidiary must be actively exercised i.e.the capacity to control does not meet the definition of control.

A subsidiary may be:

All companies must prepare 'separate financial statements'.

Discuss the requirements for the preparation of 'separate financial statements' under AASB 127.

In the separate financial statements of a parent entity investments not classified as held for sale are accounted for:

If a parent loses control of a subsidiary during a financial year,that subsidiary's results are ignored for consolidation purposes.

Principles of Consolidation

Fair Value Adjustments and Tax Effects

Intra-Group Transactions

Non-Controlling Interest

Partly-Owned Subsidiaries: Indirect Non-Controlling Interest

Consolidated Cash Flow Statements

Accounting for Joint Arrangements

Accounting for Associates and Joint Ventures: the Equity Method

Translation and Consolidation of Foreign Currency Financial Statements

Segment Reporting by Diversified Entities

Filters

Exam 1: Text Objectives and Introduction to Consolidation

Company B is bound by contract to sell all its output to Company A.Company A is deemed to control Company B.

An 'extended group' includes:

Control of a subsidiary must be actively exercised i.e.the capacity to control does not meet the definition of control.

A subsidiary may be:

All companies must prepare 'separate financial statements'.

Discuss the requirements for the preparation of 'separate financial statements' under AASB 127.

In the separate financial statements of a parent entity investments not classified as held for sale are accounted for:

If a parent loses control of a subsidiary during a financial year,that subsidiary's results are ignored for consolidation purposes.

Principles of Consolidation

Fair Value Adjustments and Tax Effects

Intra-Group Transactions

Non-Controlling Interest

Partly-Owned Subsidiaries: Indirect Non-Controlling Interest

Consolidated Cash Flow Statements

Accounting for Joint Arrangements

Accounting for Associates and Joint Ventures: the Equity Method

Translation and Consolidation of Foreign Currency Financial Statements

Segment Reporting by Diversified Entities

Filters