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fundamentals of advanced accounting

Questions and Answers of Fundamentals Of Advanced Accounting

Cite the conditions under which consolidated net income under parent-company theory would equal income to majority stockholders under entity theory.AppendixLO1
If investment income from a subsidiary is measured under the equity method and the statements are con¬ solidated under the entity theory, will consolidated net income be equal to parent-company net
Why are the income statement amounts under entity theory and contemporary theory the same if the sub¬ sidiary investment is made at book value? (Do not consider the different income statement
Does contemporary practice correspond to parent-company or entity theory in matters related to unrealized and constructive gains and losses on intercompany transactions?AppendixLO1
To what extent does push-down accounting facilitate the consolidation process?AppendixLO1
What is a joint venture and how are joint ventures organized?AppendixLO1
What accounting and reporting methods are used by investor-venturers in accounting for their joint venture investments?AppendixLO1
How does partnership liquidation differ from partnership dissolution?AppendixLO1
What is a simple partnership liquidation, and how are distributions to partners computed?AppendixLO1
The Uniform Partnership Act specifies a priority ranking for distribution of partnership assets in liquidation. What is the ranking?AppendixLO1
What is the right of offset rule? How does it affect the amount to be distributed to partners in a liquidation?AppendixLO1
What assumptions are made in determining the amount of distributions (or safe payments) to individual partners prior to the recognition of all gains and losses on liquidation?AppendixLO1
What are partner equities? Why are partner equities rather than partner capital balances used in the preparation of safe payments schedules?AppendixLO1
How do safe payments computations affect partnership ledger account balances?AppendixLO1
What is a statement of partnership liquidation, and how is the statement helpful to partners and other parties involved in partnership liquidation?AppendixLO1
A partnership in liquidation has satisfied all of its nonpartner liabilities and has cash available for distribution to partners. Under what circumstances would it be permissible to divide available
What are vulnerability ranks? How are they used in the preparation of cash distribution plans for partner¬ ship liquidations?AppendixLO1
If a partnership is insolvent, how is the amount of cash distributed to individual partners determined?AppendixLO1
When all partnership assets have been distributed in the liquidation of a partnership, some partners may have debit capital balances and others may have credit capital balances. How are such balances
What is the distinction between equity insolvency and bankruptcy insolvency?AppendixLO1
Is a Title 11 case under the Bankruptcy Reform Act of 1978 the same as a Chapter 11 case? Discuss.AppendixLO1
Bankruptcy proceedings may be designated as voluntary or involuntary. Distinguish between the two types, including the requirements for the filing of an involuntary petition.AppendixLO1
Consider the following statement: “A bankrupt company is liquidated under Chapter 7 of the bankruptcy act, but a company that is not bankrupt will be rehabilitated under Chapter 11.” Do you
What are the duties of the U.S. trustee under the Bankruptcy Reform Act of 1978? Do U.S. trustees supervise the administration of all bankruptcy cases?AppendixLO1
What obligations does a debtor corporation have in a bankruptcy case?AppendixLO1
Is a trustee appointed in Title 11 cases? In all Chapter 7 cases? Discuss.AppendixLO1
Do you agree with the following statement? “Trustees and creditors’ committees are appointed in Chapter 11 cases and elected in Chapter 7 cases.”AppendixLO1
Describe the duties of a trustee in a liquidation case under the Bankruptcy Reform Act of 1978.AppendixLO1
Which unsecured claims have priority in a Chapter 7 liquidation case? Discuss in terms of priority ranks.AppendixLO1
Does the Bankruptcy Reform Act of 1978 establish priorities for holders of unsecured nonpriority claims (that is, general unsecured claims)?AppendixLO1
What is the purpose of a statement of affairs, and how are assets valued in this statement?AppendixLO1
Does the bankruptcy act require a trustee to prepare a statement of realization and liquidation for the bankruptcy court?AppendixLO1
Does filing a case under Chapter 11 of the bankruptcy act mean that the company will not be liquidated? Discuss.AppendixLO1
What is a debtor-in-possession reorganization case?AppendixLO1
When can a creditors' committee file a plan of reorganization under a Chapter 11 case?AppendixLO1
Discuss the requirements for approval of a plan of reorganization.AppendixLO1
Does acceptance of a plan by two-thirds in amount and more than half in number of claims constitute confirmation of a reorganization plan? Discuss.AppendixLO1
Describe prepetition liabilities subject to compromise on the balance sheet of a company operating under Chapter 11 of the bankruptcy act.Corporate Liquidations and Reorganizations AppendixLO1
The reorganization value of a firm emerging from Chapter 11 bankruptcy is used to determine the accounting of the reorganized company. Explain reorganization value as used in the AICPA’s SOP 90-7,
SOP 90-7 provides two conditions that must be met for an emerging firm to use fresh-start reporting. What are these two conditions?AppendixLO1
A firm emerging from Chapter 11 bankruptcy that does not qualify for fresh-start reporting must still report the effect of the reorganization plan on its financial position and results of operations.
What organization provides accounting standards for state and local governmental units? What organiza¬ tion or organizations preceded this group?AppendixLO1
What is the GAAFR1 Who creates the GAAFR1 AppendixLO1
What is the AICPA’s role in governmental accounting?AppendixLO1
Why do governmental entities use fund accounting? How many funds might be used by a single governmental unit? How many fund types?AppendixLO1
Distinguish between governmental funds, proprietary funds, and fiduciary funds. Which funds are classified as governmental funds?AppendixLO1
List the five types of governmental funds. What are the primary distinctions among them?AppendixLO1
What is the accounting equation for a governmental fund?AppendixLO1
List the two types of proprietary funds. What distinguishes them from each other?AppendixLO1
What is the accounting equation for a proprietary fund?AppendixLO1
Why aren’t fixed assets recorded in the accounts of a general fund? Where are they recorded?AppendixLO1
What is the modified accrual basis of accounting? Which funds utilize the modified accrual basis of accounting?AppendixLO1
What does measurement focus mean ? What two focuses are used in governmental accounting? Which fund types use each?AppendixLO1
What types of revenue do governments have? How do nonexchange transactions differ from exchange transactions?AppendixLO1
How does the accounting treatment of a nine-month note payable differ from the accounting treatment of a five-year note payable within a governmental fund? Why?AppendixLO1
Are interfund transfers expenditures? Expenses? Explain.AppendixLO1
What is an appropriation? How can budgetary approval be arranged to give the legislative body maximum control over the budget? How can it be arranged to give the executive maximum flexibility
List the required governmental fund and proprietary fund financial statements under GASB 34. On what basis of accounting are these statements prepared?AppendixLO1
How do nonreciprocal transfers differ from reciprocal transfers?AppendixLO1
List the authoritative documents available to financial statement preparers and auditors related to govern¬ mental accounting and financial reporting. Which is the most authoritative according to
Distinguish between the various types of interfund activity.AppendixLO1
How does an expenditure differ from an expense? Identify the funds that report expenditures and those that report expenses.AppendixLO1
What are the three sections of a CAFR? Briefly identify the contents of each section.AppendixLO1
How do operational accountability and fiscal accountability differ? In what context are they used?AppendixLO1
What is the accounting equation for a governmental fund?AppendixLO1
If property tax bills totaling $200,000 are mailed to taxpayers and a 3% loss on uncollectible taxes is expected, what amount should be recorded as revenue?AppendixLO1
What are encumbrances, and how does encumbrance accounting help control expenditures?AppendixLO1
List the required governmental fund financial statements under GASB 34. On what basis of accounting are these statements prepared?AppendixLO1
What is the purpose of capital projects funds? Are all general fixed assets of a governmental unit acquired through capital projects funds? Explain.AppendixLO1
How are capital projects funds financed, and when would a capital projects fund be terminated?AppendixLO1
How do the purchases and consumption methods of accounting for inventory differ?AppendixLO1
Are debt service funds used to account for debt service on all long-term obligations of a governmental unit? If not, which long-term debt obligations are excluded?AppendixLO1
Describe a transaction that would affect the general fund and the debt service fund at the same time.AppendixLO1
How do special assessment levies differ from general tax levies?AppendixLO1
Which funds may be used to account for the activities of a general governmental special assessment construction project with long-term financing? Explain.AppendixLO1
How are capital leases recorded in governmental funds?AppendixLO1
Assume that supplies on hand at the beginning of the year amount to $60,000 and that supply purchases during the year are $400,000. Supplies on hand at year-end are $40,000, and the consumption basis
What is the role of a subsidiary ledger in a governmental entity?AppendixLO1
The Village of Lester had appropriations of $250,000 for the current fiscal year. If $175,000 worth of items has been ordered but only $150,000 of the $175,000 has been received, what amount can city
Purchase orders totaling $60,000 for supplies are outstanding at June 30, 2007, the close of the fiscal year. The supplies are received on July 18, 2007, at a cost of $59,800. Prepare the journal
How does a permanent fund differ from a special revenue fund?AppendixLO1
How can you determine whether or not a governmental fund should be considered major? (Chapter 18)AppendixLO1
What is included on a budgetary comparison schedule? Is such a schedule required to be included in a CAFR?AppendixLO1
How is a conversion worksheet used? Why is it necessary?AppendixLO1
List three items that might appear on the reconciliation between the governmental fund balance sheet and the governmentwide statement of net assets. List three items that might appear on the
How are enterprise and internal service funds similar? How are they different?AppendixLO1
Cite some governmental operations that might be accounted for through an internal service fund.AppendixLO1
What fund financial statements are needed for an enterprise fund to meet the requirements for fair presen- tation in accordance with GAAP? Which governmentwide statements include enterprise fund
Which fund financial statements include internal service fund data? Which governmentwide statements include internal service fund data?AppendixLO1
How does the presentation of an enterprise major fund differ from the presentation of an internal service major fund?AppendixLO1
Because proprietary funds are accounted for in much the same manner as commercial business organiza- tions, is it appropriate for FASB pronouncements to be used for their accounting?AppendixLO1
Why is it important for internal service funds to differentiate between revenues generated by interfund transactions and transactions with external parties?AppendixLO1
How does a proprietary fund statement of cash flows differ from a commercial enterprise's statement of cash flows?AppendixLO1
What fund types are included in the fiduciary fund category? Where are they reported in the financial statements?AppendixLO1
How might an internal service fund be financed initially? How will the financing appear in the fund financial statements?AppendixLO1
How does a private-purpose trust fund differ from a permanent fund?AppendixLO1
How many columns (not including total columns) are needed for a governmentwide statement of net assets of a governmental unit with a general fund, two special revenue funds, three internal service
Do pension trust fund financial statements indicate whether or not the plan is fully funded? Explain.AppendixLO1
What is the accounting equation for an agency fund?AppendixLO1
Under what circumstances will a proprietary fund be required to report segment information?AppendixLO1

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