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fundamentals of advanced accounting

Questions and Answers of Fundamentals Of Advanced Accounting

What does the term incorporation by reference mean?a. The legal incorporation of a company in more than one state.b. Filing information with the SEC by indicating that the information is already
Which of the following must be provided to every potential buyer of a new security?a. A letter of comments.b. A deficiency letter. LO7c. A prospectus.d. A FormS-16.
What was the significance of the controversy in 1977 over the appropriate accounting principles to be used by oil- and gas-producing companies?a. Several major lawsuits resulted.b. Companies refused
Which of the following is a registration statement used by large companies that already have a sig¬ nificant following in the stock market?a. Form 8-K. LO7b. Form 10-K.c. FormS-1.d. Form S-3.
What is a registration statement?a. A statement that must be filed with the SEC before a company can begin an initial offering of securities to the public. LO7b. A required filing with the SEC before
Which of the following is not a way by which the Sarbanes-Oxley Act attempts to ensure auditor independence from an audit client?a. The auditing firm must be appointed by the client’s audit
Which ofthe following is not correct with regard to the Public Company Accounting Oversight Board?a. The board can expel a registered auditing firm without SEC approval. LO7b. All registered auditing
Which of the following is a requirement of the Sarbanes-Oxley Act of 2002?a. Registration of all auditing firms with the Public Company Accounting Oversight Board.b. Annual inspection of all auditing
The Securities Exchange Act of 1934a. Regulates the public trading of previously issued securities through brokers and exchanges.b. Prohibits blue sky laws.c. Regulates the initial offering of
What is the difference between Regidation S-K and Regulation S-X? LO7a. Regulation S-K establishes reporting requirements for companies in their initial issuance of securities whereas Regulation S-X
What is the purpose of Regulation S-K?a. Defines generally accepted accounting principles in the United States.b. Establishes required disclosure of nonfinancial information with the SEC.c.
Which of the following statements is true?a. The Securities Exchange Act of 1934 regulates intrastate stock offerings made by a company. LO7b. The Securities Act of 1933 regulates the subsequent
What was the purpose of creating the EDGAR system? LO7
What is the difference between a Form 10-K and a Form 10—Q? LO7
What is the purpose of the Management’s Discussion and Analysis? LO7
When is a Form 8-K issued by a company? What specific information does a Form 8-K convey? LO7
What is a wraparound filing? LO7
What are blue sky laws? LO7
What is a private placement of securities? LO7
Under what circumstances is a company exempt from filing a registration statement with the SEC prior to the issuance of securities? LO7
What is a prospectus? What does a prospectus contain? LO7
What is a letter of comments? By what other name is it often called? LO7
What is a prefiling conference, and why might it be helpful to a registrant? LO7
What is incorporation by reference? LO7
Two forms commonly used in the registration process are Form S-l and Form S-3. Which regis¬ trants should use each forms? LO7
How does the SEC generate revenues? LO7
What are the two parts of a registration statement? What does each part contain? LO7
Under what law is a registration statement filed? LO7
What is the purpose of a registration statement? LO7
What was the SEC’s response to the FASB’s handling of accounting for oil- and gas-producing com¬ panies, and why was this action considered so significant? LO7
What is the purpose of Financial Reporting Releases and StaffAccounting Bulletins? LO7
How does the SEC affect the development of generally accepted accounting principles in the United States? LO7
Why is the content of a proxy statement considered to be so important? LO7
What information is required in a proxy statement? LO7
What are the goals of the SEC? LO7
What does the Securities Exchange Act of 1934 cover? LO7
What does the Securities Act of 1933 cover? LO7
What are some of the major divisions within the SEC? LO7
What is covered by Regulation S-X? LO7
What is covered by Regulation S-K? LO7
What is the purpose of the inspection process created by the Sarbanes-Oxley Act? LO7
Flow has the Sarbanes-Oxley Act attempted to ensure that external auditors will be completely inde¬ pendent in the future? LO7
What is the impact of being registered with this board? LO7
Who must register with the Public Company Accounting Oversight Board? LO7
What is the SEC’s relationship to the Public Company Accounting Oversight Board? LO7
List several provisions of the Sarbanes-Oxley Act that are designed to restore public confidence in the U.S. capital market system. LO7
What are some of the possible reasons for the numerous corporate accounting scandals discovered during 2001 and 2002? LO7
Why were federal securities laws originally enacted by Congress? LO7
Which types of securities are exempt from registration with the SEC? LO7
What steps usually occur in the registra¬ tion process, and what is the CPA's role in this process? LO7
What is the purpose of the registration statements filed with the SEC? What var¬ ious periodic filings must also be made? LO7
What companies are subject to the rules and regulations of the Securities and Exchange Commission? LO7
How do government agencies work to ensure that adequate reliable informa¬ tion is available to encourage investors to buy and sell securities so that busi¬ nesses can raise sufficient capital for
How has the Sarbanes-Oxley Act of 2002 affected the regulation of public accounting firms and the issuance of financial statements by publicly held organizations? LO7
On January 1, 2008, Parker, Inc., a U.S.-based firm, acquired 100 percent of Suffolk PLC located in Great Britain for consideration paid of 52,000,000 British pounds (£), which was equal to fair
Charles Edward Company established a subsidiary in a foreign country on January 1,2009, by investing FC 3,200,000 when the exchange rate was $0.50/FC. Charles Edward negotiated a bank loan of FC
BellSouth Corporation invested in two wireless communications operations in Brazil in the mid-1990s that it accounted for under the equity method. The following note is taken from BellSouth
A U.S.-based parent company must determine the functional currency of each of its foreign entities to decide an appropriate translation method to use in translating each entity’s financial
A foreign subsidiary of a U.S.-based parent company can have more than one distinct and separable oper¬ ation. For example, a foreign subsidiary can have one operation that sells the parent
Many companies make annual reports available on their corporate Internet home page. Annual reports also can be accessed through the SEC’s EDGAR system at www.sec.gov (under Forms, search for ARS or
Many companies make annual reports available on their corporate Internet home page. Annual reports also can be accessed through the SEC’s EDGAR system at www.sec.gov (under Forms, search for ARS or
Diekmann Company, a U.S.-based company, acquired a 100 percent interest in Rakona A.S. in the Czech Republic on January 1,2008, when the exchange rate for the Czech koruna (Kcs) was $0.05. Rakona’s
On January 1, 2008, Cayce Corporation acquired 100 percent of Simbel Company for consideration paid of $126,000, which was equal to fair value. Cayce is a U.S.-based company headquartered in Buffalo,
Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto. Although this wholly owned company operates primar¬ ily
The following account balances are for the Agee Company as of January 1, 2009, and December 31, 2009. All figures are denominated in kroner (Kr). LO6 January 1, 2009 Accounts payable.(18,000)Accounts
Livingston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country with financial statements recorded in goghs (GH), the company’s functional cur¬ rency.
Kingsfield starts a subsidiary operation in a foreign country on January 1,2009. The country’s cur¬ rency is the kumquat (KQ). To start this business, Kingsfield invests 10,000 kumquats. Of this
Board Company has a foreign subsidiary that began operations at the start of 2009 with assets of 132,000 kites (the local currency unit) and liabilities of 54,000 kites. During this initial year of
Lancer, Inc., starts a subsidiary in a foreign country on January 1,2008. The following account bal¬ ances for the year ending December 31, 2009, are stated in kanquo (KQ), the local currency: LO6
Aerkion Company starts 2009 with two assets: cash of 22,000 LCU (local currency units) and land that originally cost 60,000 LCU when acquired on April 4, 2005. On May 1, 2009, Aerkion rendered
Watson Company has a subsidiary in the country of Alonza where the local currency unit is the kamel (KM). On December 31,2008, the subsidiary has the following balance sheet: LO6 Cash.KM 16,000
Refer to the information in problem 25. Prepare a statement of cash flows in LCU for Fenwicke’s foreign subsidiary and then translate these amounts into U.S. dollars. LO6
Fenwicke Company began operating a subsidiary in a foreign country on January 1, 2009, by acquiring all of its common stock for LCU 40,000, which was equal to fair value. This subsidiary immediately
On December 18, 2009, Stephanie Corporation acquired 100 percent of a Swiss company for 3.7 million Swiss francs (CHF), which is indicative of fair value. At the acquisition date, the exchange rate
The following accounts are denominated as of December 31, 2009, in pesos. For reporting pur¬ poses, these amounts need to be stated in U.S. dollars. For each balance, indicate the exchange rate that
On January 1, Dandu Corporation started a subsidiary in a foreign country. On April 1, the sub¬ sidiary purchased inventory at a cost of 120,000 local currency units (LCU). One-fourth of this
The foreign currency is the functional currency for a foreign subsidiary. At what exchange rate should each of the following accounts be translated?a. Rent Expense. LO6b. Dividends Paid.c.
Gains from remeasuring a foreign subsidiary’s financial statements from the local currency, which is not the functional currency, into the parent’s currency should be reported as a(n)a. Deferred
The functional currency of DeZoort, Inc.’s British subsidiary is the British pound. DeZoort bor¬ rowed pounds as a partial hedge of its investment in the subsidiary. In preparing consolidated
Aforeign subsidiary’s functional currency is its local currency, which has not experienced signifi¬ cant inflation. The weighted average exchange rate for the current year is the appropriate
In accordance with U.S. generally accepted accounting principles, which translation combination is appropriate for a foreign operation whose functional currency is the U.S. dollar? LO6 Method
Which ofthe following items is not remeasured using historical exchange rates under the temporal method? LO6a. Accumulated depreciation on equipment.b. Cost of goods sold.c. Marketable equity
Houston Corporation operates a branch operation in a foreign country. Although this branch deals in pesos, the U.S. dollar is viewed as its functional currency. Thus, a remeasurement is necessary to
In the translated financial statements, which method of translation maintains the underlying valua¬ tion methods used in the foreign currency financial statements?a. Current rate method; income
Ace Corporation starts a subsidiary in a foreign country; the subsidiary has the peso as its func¬ tional currency. On January 1, Ace buys all of the subsidiary’s common stock for 20,000 pesos. On
A U.S. company’s foreign subsidiary had these amounts in foreign currency units (FCU) in 2009:Cost of goodssold. FCU 10,000,000 Ending inventory. 500,000 Beginning inventory. 200,000 LO6 The
Assume that the U.S. dollar is the subsidiary’s functional currency. What balances does a consoli¬ dated balance sheet report as of December 31, 2009? LO6a. Marketable equity securities = $16,000
Assume that the peso is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31,2009?a. Marketable equity securities = $16,000 and Inventory =
What amount does Salisbury’s consolidated income statement report for cost of goods sold for the year ending December 31,2009? LO6a. $16,000.b. $17,000.c. $18,000.d. $19,000.
What amount does Salisbury’s consolidated balance sheet report for this inventory at December 31, 2008?a. $16,000. LO6b. $17,000.c. $18,000.d. $19,000.
This subsidiary’s functional currency is the U.S. dollar. What total should Rose’s balance sheet include for the preceding items? LO6a. $430,000.b. $435,000.c. $440,000.d. $450,000.
This subsidiary’s functional currency is a foreign currency. What total should Rose’s balance sheet include for the preceding items?a. $430,000. LO6b. $435,000.c. $440,000.d. $450,000.
At what rates should the following balance sheet accounts in foreign statements be translated (rather than remeasured) into U.S. dollars? LO6 Accumulated Depreciation—Equipment Equipmenta- Current
A subsidiary of Byner Corporation has one asset (inventory) and no liabilities. The functional cur¬ rency for this subsidiary is the peso. The inventory was acquired for 100,000 pesos when the
Which of the following statements is true for the translation process (as opposed to remeasurement)? LO6a. A translation adjustment can affect consolidated net income.b. Equipment is translated at
In comparing the translation and the remeasurement process, which of the following is true? LO6a. The reported balance of inventory is normally the same under both methods.b. The reported balance of
What is a subsidiary’s functional currency?a. The parent’s reporting currency. LO6b. The currency in which transactions are denominated.c. The currency in which the entity primarily generates and
Which translation method does FASB SFAS 52 require for operations in highly inflationary coun¬ tries? What is the rationale for mandating use of this method? LO6
When is remeasurement rather than translation appropriate? How does remeasurement differ from translation? LO6
The FASB put forth two theories about the underlying nature of a translation adjustment. What are these theories, and which one did the FASB consider correct? LO6

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