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advanced financial accounting

Questions and Answers of Advanced Financial Accounting

How would the acquisition adjustment for an acquired subsidiary differ from that for a parent-founded subsidiary?
What is the reporting option available to private enterprises for the goodwill impairment test?
Explain the difference between the acquisition adjustment and the operations adjustments.
Why is the equity method of reporting sometimes called the consolidation method of equity reporting?
How does unrealized profit in the beginning inventories affect the consolidated net income if the inventories have been sold during the year?
In what general ways will consolidation of a parent-founded subsidiary differ from consolidation of a purchased subsidiary?
On January 1, 20X6, Parent Ltd. purchased 100% of the outstanding voting common shares of Sub Ltd. for $1,400,000. The depreciable assets of Sub have a future useful life of 10 years and are being
On January 1, 20X6, Big Inc. acquired 100% of the outstanding shares of Small Corp. for $15,000,000 in cash. On this date, Small had shareholders€™ equity of $12,000,000, including
OfficePlus Corporation is a retailer of office supplies and equipment in Vancouver. On March 5, 20X6, OfficePlus formed a new corporation in Calgary to operate the same type of business. OfficePlus
Ada Vidal established Exotic Bean Bags Inc. (EBBI) in 20X2 to distribute exotic bean bags featuring colourful ethnic motifs and designs. EBBI also customizes its bean bags to match the decor and
Okavango Ltd. sold goods at a sale price of $10,000 to its 100%-owned subsidiary Serengeti Ltd. in 20X5 at a gross profit percentage of 50%. At the end of 20X5, 40% of the goods purchased from
Refer to P 3-7 in the main chapter.On December 31, 20X6, Profound Limited acquired 100% of the outstanding voting shares of Subtle Limited for $2.2 million in cash. The statements of financial
On December 31, 20X6, Retail Ltd. purchased 100% of the outstanding shares of Supply Corporation by issuing Retail Ltd. shares worth $980,000 at current market prices. Supply Corporation was a
Refer to P 3-2 in the main chapter.For each of the six independent cases, assume that the tax base of the net identifiable assets is equal to their carrying value (i.e., no temporary differences
On January 1, 20X1, Rodriguez Inc. purchased 100% of the common shares of Teresa Inc., for $325,000. On that date the following differences were observed with regard to specific net assets of Teresa
On December 31, 20X6, Profound Limited acquired 100% of the outstanding voting shares of Subtle Limited for $2.2 million in cash. The statements of financial position of Profound and Subtle and the
Pristine Ltd. purchased 100% of the voting shares of Serene Ltd. for $1,500,000 on October 1, 20X6. The SFP of Serene Ltd. at that date was as follows:RequiredProvide the eliminations and adjustments
Amber Corporation (Amber), a public corporation, has concluded negotiations with Beryl Corporation (Beryl) for the purchase of all of Beryl's net assets at fair value, effective January 1, 20X7. An
Information relating to six independent cases has been provided below.Required1. Using the information provided for each case above, calculate the:2. the net fair value adjustment;3. the fair value
Under what circumstances is push-down accounting most likely to be used?
In what form(s) of business combination do(es) the combining companies cease to exist as separate legal entities?
In consolidated statements following a reverse takeover, which company’s net assets are reported at fair values: the legal acquirer’s or the legal subsidiary’s?
What is the most common reason for a combination of a public company and a private company accomplished by means of a reverse takeover?
In an exchange of shares, how can the acquirer be identified?
Company P issues its shares in exchange for the shares of Company S. After the exchange, who owns the newly issued shares of P?
How can an acquirer obtain control if the management of the acquiree is hostile to the business combination?
When an acquirer buys the net assets of another company by issuing shares, what is the relationship between the two companies after the transaction has taken place?
What consideration can be used in a business combination?
Refer to P 2A-3 . All facts pertaining to the period until December 31, 20X4, remain the same as in P 2A-3 . Now assume that on January 2, 20X5, another investor, newly in control of Jasmine, stopped
On January 1, 20X3, Rose Corporation purchased 25% of the outstanding shares of Jasmine Corporation at a cost of $150,000. No purchase price discrepancy/fair value adjustment arose in relation to the
Refer to P 2A-1. All facts pertaining to the period until December 31, 20X4, remain the same as in P 2A-1 . Now assume that on January 3, 20X5, Take Inc. purchased 10,000 additional shares in Give
Take Inc. invested $60,000 for its 20% share in Give Inc. on January 1, 20X1, by purchasing 10,000 shares of Give Inc. The following table provides pertinent details relating to Give Inc. for the
What are the two broad categories of changes in ownership when there is an associated change in the nature of the investment? What are the different types of changes in ownership under each category
What is the accounting implication of a change in ownership in each of the following types of investments: (1) passive; (2) jointly controlled/significantly influenced; and (3) solely controlled,
In addition to a change in the reporting method, what are the other accounting implications of a change in ownership in an equity investment?
What are the two broad categories of step purchases/sales, and what is the impact, if any, of each category of changes in ownership on the reporting method?
Thorne Ltd. is a wholly owned subsidiary of Fellows Corporation. The SFP, statement of comprehensive income, and retained earnings section of the statement of changes in equity for each company are
Hook Corp. is a wholly owned, parent-founded subsidiary of Chappell Inc. The unconsolidated statement of comprehensive income and the retained earnings section of the statement of changes in equity
Max Corporation has a wholly owned subsidiary, Min Ltd., which was formed several years ago. Both Max and Min are in the same business, but in different geographic areas. Min€™s initial
Capital Investments Inc. purchased 40% of the outstanding shares of Deep Value Inc. on January 1, 20X3, for $10,000. Capital Investments has chosen to record its investment in Deep Value under the
In the simple consolidation problem in the chapter, we assumed that Parent Co. established Subsidiary Co. on December 31, 20X9, by investing $1,000 cash in it. Refer to p. 40 to 41 for the example
Take Inc. invested $60,000 for its 20% share in Give Inc. on January 1, 20X1, by purchasing 10,000 shares of Give Inc. The following table provides pertinent details relating to Give Inc. for the
On April 30, 20X4, Huge Inc. established a 100%-owned subsidiary known as Tiny Inc. Huge invested $550,000 in the shares of Tiny. Tiny has no other shares outstanding. Since its establishment, Tiny
On January 1, 20X3, Rose Corporation purchased 25% of the outstanding shares of Jasmine Corporation at a cost of $150,000. No purchase price discrepancy/fair value adjustment arose in relation to the
Is it possible for a parent company to go bankrupt while its operating subsidiaries stay healthy?
Are consolidation eliminating and adjusting entries entered on the books of the parent or of the subsidiary? Explain.
What are the two general approaches to preparing consolidated financial statements? Do the different approaches provide different results?
Explain one legitimate use for a structured entity (SE).
P Corporation owns 75% of S Corporation, and S Corporation owns 55% of T Corporation. Is T a subsidiary of P?
How are dividends received from an investee corporation reported by an investor corporation by the investor under the equity method?
Capricorn Carpet Corporation (CCC) is a private enterprise manufacturer of broadloom carpeting. The company's head office and manufacturing facilities are located in Winnipeg, Manitoba. The company
Comment on the following quotation: “Some accounting standards offer no flexibility in accounting policy choice; every company must follow the same accounting policies. Therefore, there is no room
Who issues governmental financial reporting standards in Canada? Are all governments in Canada required to abide by these standards? Explain.
What are the four “threads” of Canadian accounting standards?
International standards are intended to provide uniformity, and yet some countries may not adopt IFRS in their entirety. Explain why this may happen.

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