All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
fundamentals of advanced accounting

Questions and Answers of Fundamentals Of Advanced Accounting

For interim financial reporting, an extraordinary gain occurring in the second quarter should bea. Recognized ratably over the last three quarters.b. Recognized ratably over all four quarters, with
How should material seasonal variations in revenue be reflected in interim financial statements? LO3a. The seasonal nature should be disclosed, and the interim report should be supplemented with a
In considering interim financial reporting, how did the Accounting Principles Board conclude that such reporting should be viewed?a. As a special type of reporting that need not follow generally
Which of the following information items with regard to a major customer must be disclosed?a. The identity of the customer. LO3b. The percentage of total sales derived from the major customer.c. The
What information about revenues by geographic area should a company present? LO3a. Disclose separately the amount of sales to unaffiliated customers and the amount of intracom¬ pany sales between
According to SFAS 131, which of the following is an acceptable grouping of countries for provid¬ ing information by geographic area? LO3a. United States, Mexico, Japan, Spain, All Other Countries.b.
Which of the following items is required to be disclosed by geographic area? LO3a. Total assets.b. Revenues from external customers.c. Profit or loss.d. Capital expenditures.
Plume Company has a paper products operating segment. Which of the following items does it not have to report for this segment?a. Interest expense. LO3b. Research and development expense.c.
Which of the following statements concerning SFAS 131 is true?a. Does not require segment information to be reported in accordance with generally accepted accounting principles.b. Does not require a
Which of the following is a criterion for determining whether an operating segment is separately reportable?a. Segment liabilities arc 10 percent or more of consolidated liabilities.b. Segment profit
Which of the following is not necessarily true for an operating segment?a. An operating segment earns revenues and incurs expenses.b. The chief operating decision maker regularly reviews an operating
Which of the following statements is not true under SFAS 131?a. Operating segments can be determined by looking at a company’s organization chart. LO3b. Companies must combine individual foreign
In determining whether a particular operating segment is of significant size to warrant disclosure, which of the following is true? LO3a. Three tests are applied, and all three must be met.b. Four
Which of the following operating segment disclosures does SFAS 131 not require? LO3a. Liabilities.b. Interest expense.c. Intersegment sales.d. Unusual items (extraordinary items and discontinued
Under SFAS 131, which ofthe following items of information is Most Company not required to dis¬ close, even if it were material in amo LO3unt?a. Revenues generated from sales of its consumer
Which of the following does the FASB not consider to be an objective of segment reporting?a. It helps users better understand the enterprise’s performance. LO3b. It helps users better assess the
According to SFAS 131, what type of segment information must companies provide in interim financial statements? LO3
In accordance with APB Opinion No. 28, what minimum information must an enterprise provide in an interim report? LO3
According to SFAS 154, what procedures must companies follow to account for a change in accounting principle made in other than the first interim period of the year? LO3
How does a company determine the amount of income tax expense to report in an interim period? LO3
How should a company handle LIFO liquidation in an interim period when the liquidated inventory is expected to be replaced by year-e LO3nd?
What approach does APB Opinion 28 require companies to follow in preparing interim financial statements? LO3
Why are publicly traded companies in the United States required to prepare interim reports on a quarterly basis? LO3
Under what conditions should a company disclose the amount of sales from a major customer? LO3
To satisfy SFAS 131 ‘s geographic area disclosure requirements, what are the minimum and maxi¬ mum numbers of countries for which information should be reported separately? LO3
What information must an enterprise report by geographic area? LO3
Under what conditions must an enterprise provide information about geographic areas? LO3
Under what conditions must an enterprise provide information about products and services? LO3
What information must an enterprise report for each of its material operating segments? LO3
Describe the three tests to identify reportable operating segments. LO3
How should a company determine operating segments when it disaggregates business activities in more than one way and the chief operating decision maker uses multiple sets of reports? LO3
What is an operating segment? LO3
SFAS 13Fs management approach requires a firm to define segments on the basis of its internal organization structure. What are the advantages in defining segments on this basis? LO3
According to the FASB, what is the major objective of segment reporting? LO3
What is disaggregated financial information? LO3
How does the consolidation process tend to disguise information needed to analyze the financial operations of a diversified organization? LO3
What minimum information should a company disclose in its interim financial reports? LO3
What approach should a company take in preparing financial statements for time periods of less than one year? LO3
What guidance has the FASB provided to reporting entities concerning disclo¬ sure of major customers? LO3
What information must a company disclose about its products and services and about its operations in foreign countries? LO3
What information must a company disclose in its financial statements about its various operating segments? LO3
How are the operating segments of a company identified, and how is the significance of each of these units determined? LO3
The consolidation process brings together the many, varied components of a business combination to form a single set of financial statements. How can a reader of such statements evalu¬ ate the
Good Corporation acquired 80 percent ofthe outstanding stock of Morning, Inc., on January 1, 2006, LO6 for $1,400,000 in cash, debt, and stock. One of Morning’s buildings, with a 10-year remaining
Watson, Inc., acquires 60 percent of Houston, Inc., on January 1, 2006, for $400,000 in cash. On that date, assets and liabilities of the subsidiary had the following values: LO6
Bon Air, Inc., acquired 70 percent (2,800 shares) of the outstanding voting stock of Creedmoor Cor¬ poration on January 1,2006, for $250,000 cash. Creedmoor’s net assets on that date totaled
On January 1, 2009, Bretz, Inc., acquired 60 percent of the outstanding shares of Keane Company for $573,000 in cash. The price paid was proportionate to Keane’s total fair value although at the
On January 1,2009, Allan Company bought a 15 percent interest in Sysinger Company. The acqui¬ sition price of $184,500 reflected an assessment that all of Sysinger’s accounts were fairly valued
On July 1,2009, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $720,000 in cash and equity securities. The remaining 30 percent ofAtlanta’s shares
Following are the individual financial statements for Bowen and Duncan for the year ending December 31, 2009: LO6 Bowen Duncan Sales..$ (600,000)$(300,000)Cost of goods sold ...300,000 140,000
Adams Corporation acquired 90 percent of the outstanding voting shares of Barstow, Inc., on December 31, 2009. Adams paid a total of $603,000 in cash for these shares. The 10 percent non¬
Father, Inc., buys 80 percent of the outstanding common stock of Sam Corporation on January 1, 2009, for $680,000 cash. At the acquisition date, Sam’s total fair value was assessed at $850,000
The Krause Corporation acquired 80 percent ofthe 100,000 outstanding voting shares ofLeahy, Inc., for $6.30 per share on January 1, 2009. The remaining 20 percent of Leahy’s shares also traded
On January 1,2009, Pierson Corporation exchanged $ 1,710,000 cash for 90 percent ofthe outstand¬ ing voting stock of Steele Company. The consideration transferred by Pierson provided a reasonable
Nascent, Inc., acquires 60 percent of Sea-Breeze Corporation for $414,000 cash on January 1, 2009. The remaining 40 percent of the Sea-Breeze shares traded near a total value of $276,000 both before
Following are several account balances taken from the records of Kaplan and Reckers as of December 31, 2009. A few asset accounts have been omitted here. All revenues, expenses, and div-idends
Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2009. Miller paid $664,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20
On January 1, 2009, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor’s shares continued to trade at a total value of $210,000. The new subsidiary
Girardi Company acquired 7,000 ofthe 10,000 outstanding shares of Santana Company on January 1, 2009, for $840,000. The subsidiary’s total fair value was assessed at $1,100,000 although its book
On January 1, 2009, Morey, Inc., exchanged $178,000 for 25 percent ofAmsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $36,000. Calvin Co. has one recorded asset, a specialized production machine with a book value of $10,000 and
Parker, Inc., acquires 70 percent of Sawyer Company for $420,000. The remaining 30 percent of LO6 Sawyer’s outstanding shares continue to trade at a collective value of $174,000. On the acquisition
On January 1, 2009, Patterson Corporation acquired 80 percent of the 100,000 outstanding voting shares of Soriano, Inc., in exchange for $31.25 per share cash. The remaining 20 percent of Sori¬ ano
On January 1, 2009, Harrison, Inc., acquired 90 percent of Starr Company in exchange for $1,125,000 fair-value consideration. The total fair value of Starr Company was assessed at $1,200,000.
Stockholders’equity: LO6a. $80,000.b. $90,000.c. $95,000.d. $130,000.(AICPA adapted)
Noncurrent liabilities: LO6a. $110,000.b. $104,000.c. $ 90,000.d. $ 50,000.
Current liabilities: LO6a. $50,000.b. $46,000.c. $40,000.d. $30,000.
Noncurrent assets; LO6a. $130,000.b. $134,000.c. $138,000.d. $140,000.
Current assets: LO6a. $105,000.b. $102,000.c. $100,000.d. $ 90,000.
What is the consolidated Trademarks account balance? LO6a. $508,000.b. $514,000.c. $520,000.d. $540,000.
Assuming Scott Company has paid no dividends, what are the noncontrolling interest’s share of the subsidiary s income and the ending balance of the noncontrolling interest in the subsidiary? LO6
What is the consolidated net income prior to the reduction for the noncontrolling interest’s share of the subsidiary’s income? LO6a. $400,000.b. $486,000.c. $491,600.d. $500,000.
On April I, Pujols, Inc., exchanges $430,000 fair-value consideration for 70 percent of the outstand¬ ing stock of Ramirez Corporation. The remaining 30 percent of the outstanding shares continued
A parent buys 32 percent of a subsidiary in one year and then buys an additional 40 percent in the next year. In a step acquisition of this type, the original 32 percent acquisition should be LO6a.
Amie, Inc., has 100,000 shares of $2 par value stock outstanding. Prairie Corporation acquired 30,000 of Annie’s shares on January 1, 2007, for $120,000 when Amie’s net assets had a total fair
James Company acquired 85 percent ofMark-Right Company on April 1. On its December 31, con¬ solidated income statement, how should James account for Mark-Right’s revenues and expenses that
What is a basic premise of the acquisition method? LO6a. Consolidated financial statements should be primarily for the benefit of the parent company’s stockholders.b. Consolidated financial
On January 1, 2009, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $15,000 results from the acquisition. On December 31,2010,
On January 1, 2009, Hygille, Inc., reports net assets of $880,000 although a patent (with a 10-year life) having a book value of $330,000 is now worth $400,000. Nuyt Corporation pays $840,000 on that
On January 1,2009, Turner, Inc., reports net assets of $480,000 although a building (with a 10-year life) having a book value of $260,000 is now worth $300,000. Plaster Corporation pays $540 000 on
On January 1,2009, Brendan, Inc., reports net assets of $760,000 although equipment (with a four- year life) having a book value of $440,000 is worth $500,000 and an unrecorded patent is valued at
Joidan, Inc., holds 75 percent of the outstanding stock of Paxson Corporation. Paxson currently owes Jordan $400,000 for inventory acquired over the past few months. In preparing consolidated
Bailey, Inc., buys 60 percent ot the outstanding stock of Luebs. Inc., in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth
In question (8), how would Duke account for the remainder of its investment subsequent to the sale of this partial interest? LO6
In question (8), how would the parent record the sales transaction? LO6
Duke Corporation owns a 70 percent equity interest in UNCCH, a subsidiary corporation. During the current year, a portion of this stock is sold to an outside party. Before recording this transaction,
Tree, Inc., has held a 10 percent interest in the stock of Limb Company for several years. Because of the level of ownership, this investment has been accounted for using the fair-value method. At
December 31 consolidated financial statements are being prepared for Allsports Company and its new subsidiary acquired on July 1 of the current year. Should Allsports adjust its consolidated bal¬
How is the noncontrolling interest in a subsidiary company calculated as of the end of the current year? LO6
Where should the noncontrolling interest’s claims be reported in a consolidated set of financial statements? LO6
What is a control premium and how does it affect consolidated financial statements? LO6
Atwater Company acquires 80 percent of the outstanding voting stock of Belwood Company. On that date, Belwood possesses a building with a $160,000 book value but a $220,000 fair value. Assuming that
What does the term noncontrolling interest mean? LO6
When a parent buys or sells shares in its own subsidiary, how should the parent report the effects of such transactions in its consolidated financial statements? LO6
How are a subsidiary's revenues and expenses reported on a consolidated income statement when the parent gains control within the current year? LO6
If a parent acquires several blocks of a subsidiary's stock over a period of time prior to gaining control, how are the various purchases consolidated? LO6
If a parent holds less than complete own¬ ership, are the subsidiary's assets and lia¬ bilities consolidated at 100 percent of their fair values or should the reported figures be affected by the
Total ownership is not an absolute requirement for consolidation; a parent need only gain control of another com¬ pany to create a business combination. If a parent obtains less than 100 percent of
On January 1, 2009, Paisley, Inc., paid $560,000 for all of Skyler Corporation’s outstanding stock. This cash payment was based on a price of $180 per share for Skyler’s $100 par value preferred
Following are separate income statements for Alexander, Inc., and Raleigh Corporation as well as a consolidated statement for the business combination as a whole. LO4 Alexander Raleigh Consolidated

Showing 1000 - 1100 of 2718

First
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved