Question 1

For a business combination,we measure all assets and liabilities of an acquired company at fair value.Fair value

Accepted Answer

A) Is an exit value. 
B) Is an entry value. 
C) Is an appraisal value. 
D) Can be either an exit value or an entry value depending on the circumstances. 
A) Is an exit value. 
B) Is an entry value. 
C) Is an appraisal value. 
D) Can be either an exit value or an entry value depending on the circumstances.

Question 2

Under the acquisition method of accounting for a business combination,goodwill is equal to

Accepted Answer

A) The acquired company's ability to generate excess profits . 
B) The excess of the cost of the acquisition plus the fair value of the noncontrolling interest over the fair value of the acquiree's net assets. 
C) The excess of the cost of the acquisition over the fair value of the acquiree's net assets. 
D) The excess of the fair value of acquiree's net assets over the cost of acquisition. 
A) The acquired company's ability to generate excess profits . 
B) The excess of the cost of the acquisition plus the fair value of the noncontrolling interest over the fair value of the acquiree's net assets. 
C) The excess of the cost of the acquisition over the fair value of the acquiree's net assets. 
D) The excess of the fair value of acquiree's net assets over the cost of acquisition.

Question 3

Which of the following is the appropriate basis for valuing fixed assets acquired in a business combination carried out by exchanging cash for common stock?

Accepted Answer

A) Historic cost 
B) Book value 
C) Cost plus any excess of purchase price over book value of asset acquired 
D) Fair value 
A) Historic cost 
B) Book value 
C) Cost plus any excess of purchase price over book value of asset acquired 
D) Fair value

Question 4

IFRS No.10 changes the method of reporting noncontrolling interests from what was previously required in IAS No.27.How are noncontrolling interest now defined and where are they to be disclosed?

Accepted Answer

Noncontrolling interests are now defined

Question 5

Under the acquisition method of accounting for a business combination,a bargain purchase is

Accepted Answer

A) Reported as goodwill in the balance sheet. 
B) Tested annually for impairment. 
C) Reported as a gain in the income statement. 
D) Reported as an adjustment to other comprehensive income. 
A) Reported as goodwill in the balance sheet. 
B) Tested annually for impairment. 
C) Reported as a gain in the income statement. 
D) Reported as an adjustment to other comprehensive income.

Question 6

How does SFAS No.52 FASB ASC 830)define functional currency?

Accepted Answer

FASB ASC 830 adopts the functional curre

For a business combination,we measure all assets and liabilities of an acquired company at fair value.Fair value

Under the acquisition method of accounting for a business combination,goodwill is equal to

Which of the following is the appropriate basis for valuing fixed assets acquired in a business combination carried out by exchanging cash for common stock?

IFRS No.10 changes the method of reporting noncontrolling interests from what was previously required in IAS No.27.How are noncontrolling interest now defined and where are they to be disclosed?

Under the acquisition method of accounting for a business combination,a bargain purchase is

How does SFAS No.52 FASB ASC 830)define functional currency?

The Development of Accounting Theory

The Pursuit of the Conceptual Framework

International Accounting

Research Methodology and Theories on the Uses of Accounting Information

Income Concepts

Financial Statement I: the Income Statement

Financial Statements Ii: the Balance Sheet and the Statement of Cash Flows

Working Capital

Long-Term Assets I: Property, Plant, and Equipment

Long-Term Assets Ii: Investments and Intangibles

Long-Term Liabilities

Accounting for Income Taxes

Leases

Pensions and Other Postretirement Benefits

Equity

Financial Reporting Disclosure Requirement and Ethical Responsibilities

Filters

Exam 16: Accounting for Multiple Entities

For a business combination,we measure all assets and liabilities of an acquired company at fair value.Fair value

Under the acquisition method of accounting for a business combination,goodwill is equal to

Which of the following is the appropriate basis for valuing fixed assets acquired in a business combination carried out by exchanging cash for common stock?

IFRS No.10 changes the method of reporting noncontrolling interests from what was previously required in IAS No.27.How are noncontrolling interest now defined and where are they to be disclosed?

Under the acquisition method of accounting for a business combination,a bargain purchase is

How does SFAS No.52 FASB ASC 830)define functional currency?

The Development of Accounting Theory

The Pursuit of the Conceptual Framework

International Accounting

Research Methodology and Theories on the Uses of Accounting Information

Income Concepts

Financial Statement I: the Income Statement

Financial Statements Ii: the Balance Sheet and the Statement of Cash Flows

Working Capital

Long-Term Assets I: Property, Plant, and Equipment

Long-Term Assets Ii: Investments and Intangibles

Long-Term Liabilities

Accounting for Income Taxes

Leases

Pensions and Other Postretirement Benefits

Equity

Financial Reporting Disclosure Requirement and Ethical Responsibilities

Filters