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business
modern advanced accounting

Questions and Answers of Modern Advanced Accounting

Under the economic unit concept, the net assets of the subsidiary are included in the consolidated financial statements at the total fair value that is implied by the price paid by the parent company
Estimating Goodwill and Potential Offering Price Plantation Homes Company is considering the acquisition of Condominiums, Inc. early in 2004. To assess the amount it might be willing to pay,
Alpha Company is considering the purchase of Beta Company. Alpha has collected the following data about Beta: LO6 Beta Company Estimated Book Values Market Values Total Identifiable Assets $585,000
Estimated and Actual Goodwill Passion Company is trying to decide whether to acquire Desiree Inc. The following balance sheet for Desiree Inc. provides information about book values. Estimated market
Understand the need for disaggregated financial data. LO4
Describe the basic requirements of public companies in reporting segmental data. LO4
Determine an operating segment. LO4
Define a reportable segment. LO4
Describe how common costs are handled in segmental reporting. LO4
Identify the information to be presented for each reportable segment. LO4
Explain when and what types of geographic data must be reported. LO4
Explain when information about major customers must be reported. LO4
BoOOPCNOPeOD.m D oC o mpare the international accounting standards for segmental reporting with the U.S. requirements. LO4
Describe current requirements for companies to report interim information. LO4
Indicate some problems with interim reporting and the authoritative position on the issue. LO4
For what types of companies would segmented financial reports have the most significance? Why? LO4
Why do financial statement users (financial analysts, for example) need information about segments of a firm? LO4
Define the following: (a) Operating segment. (b) Reportable segment. LO4
Describe the guidelines to be used in determining (a) what constitutes an operating segment, and (b) whether a specific operating segment is a significant segment. LO4
List the three major types of enterprisewide informa- tion disclosures required by SFAS No. 131, and explain how the firm's designation of reportable segments affects these disclosures. LO4
What segmental disclosures are required, if any, for interim reports? LO4
What type of disclosure is required of a firm when the major portion of its operations takes place within a single reportable segment? LO4
List the types of information that must be presented for each reportable segment of a company under the rules of SFAS No. LO4
Describe the methods that might be used to disclose reportable segment information. LO4
What types of information must be disclosed about foreign operations under SFAS No. 131 LO4
How are foreign operations defined under SFAS No. 131? LO4
If the operations of a firm in some foreign countries are grouped into geographic areas, what factors should be considered in forming the groups? LO4
When must a firm present segmental disclosures for major customers? What is the reason for this require- ment? LO4
How are common costs distinguished from general corporate expenses for segmental purposes? LO4
What is the purpose of interim financial reporting? LO4
Describe the basic procedure for computing income tax provisions for interim financial statements. LO4
Describe how changes in estimates should be treated in interim financial statements. LO4
What are the minimum disclosure requirements established by the APB for interim financial reports? LO4
What is the general rule regarding the treatment of costs and expenses associated directly with rev- enues for interim reporting purposes? LO4
Distinguish between a Chapter 7 and a Chapter 11 bankruptcy. LO4
Describe the five priority categories of unsecured claims and list the order in which they are settled. LO4
Distinguish between a voluntary and involuntary bankruptcy petition. LO4
Distinguish among fully secured, partially secured, and unsecured claims of creditors. LO4
Describe contractual agreements that the debtor and its creditors may enter into outside of formal bankruptcy proceedings to resolve the debtor’s insolvent position. LO4
List the primary types of contractual agreements between a debtor company and its creditors and briefly explain what is involved in each of them. LO4
Five priority categories of unsecured claims must be paid before general unsecured creditors are paid. Briefly describe what makes up each category. LO4
What are "dividends" in a bankruptcy proceeding? LO4
What is the purpose of a Statement of Affairs? LO4
One of the officers of a corporation that had just received a discharge in bankruptcy said, "Good, now we don't owe anyone." Is he correct? LO4
What are the duties of a trustee in a liquidation proceeding? LO4
What is the purpose of a combining workpaper pre- pared by a trustee? LO4
What is the purpose of a realization and liquidation account? LO4
Distinguish between the current exchange rate and the historical exchange rate. LO9
Understand the objectives of financial statement translation. LO9
Identify the functional currency of a foreign entity. LO9
Compare the two methods used to convert the financial statements of a foreign entity into U.S. dollars. LO9
Distinguish between the circumstances under which each of the two methods is appropriate under current GAAP. LO9
Explain the factors involved in translating the statements of a foreign entity operating in a highly inflationary economy. LO9
Translate the statements of a foreign entity when the functional currency is the local currency. LO9
Translate the statements of a foreign entity when the functional currency is the U.S. dollar. LO9
Understand the concept of comprehensive income in the context of foreign currency translation. LO9
Identify the disclosure requirements for firms with foreign entities. LO9
What requirements must be satisfied if a foreign subsidiary is to be consolidated? LO9
What is meant by an entity’s functional currency and what are the economic indicators identified by the FASB to provide guidance in selecting the functional currency? LO9
Which method of translation is used to convert the financial statements when a foreign subsidiary operates in a highly inflationary economy? LO9
Define remeasurement. LO9
Under the current rate method, how are assets and liabilities that are stated in a foreign currency translated? LO9
How does the method of accounting for a business combination (purchase or pooling of interests)affect the translation of a foreign affiliate’s financial statements when the current rate method is
What is the objective of the temporal method of translation? LO9
Assuming that the temporal method is used, how are revenue and expense items in foreign currency financial statements converted? LO9
What is the U.S. dollar unit of measure approach} Summarize it.
What translation methods achieve a U.S. dollar unit of measure approach}
What is the theory underlying the temporal method}
What is the financial focus of the U.S. dollar unit of measure approach}
When the temporal method is used, how is the effect of the exchange rate change reported under FAS 52}
When the temporal method is used, what is the effect of the exchange rate change called under FAS 52}
What are six balance sheet accounts for which historical exchange rates are used under the temporal method}
What are five income statement accounts for which historical exchange rates are used under the temporal method}
When is it necessary to address realization of a foreign unit’s nonmonetary assets in dollars?
What dilemma exists in considering whether to hedge a net monetary liability position?
On what critical assumption is FAS 52 constructed?
Are the two FAS 52 objectives of translation incompatible? Why or why not?
What purpose does the functional currency cojtcept serve?
Is the functional currency concept necessary to use multiple units of measure}
What are the factors used to determine the functional currency?
What two categories of foreign operations are presumed to exist under the functional currency concept?
When the economic factors set forth in FAS 52 do not clearly indicate the functional currency, which currency must be used?
How are highly inflationary economies dealt with in FAS 52}
What is the definition of a highly inflationary economy}
What is the difference between translation and remeasurement}
How are the effects of exchange rate changes treated in remeasurement situations?
What two essential elements are necessary for achieving meaningful translated reporting results?
How is the true economic effect of an exchange rate change determined?
Describe the characteristics of a general partnership, a limited partnership, and a joint venture. LO2
List some important items to be included in the partnership agreement. LO2
Understand the differences between partnerships’ and corporations’ equity accounts in the balance sheet. LO2
Explain the purpose of the partners’ drawing accounts and capital accounts. LO2
Prepare journal entries to form a partnership using the bonus and the goodwill methods. LO2
Describe some common agreements used to allocate partnership net income or loss. LO2
Explain why salary allowances and interest allowances are used in allocating partnership profits and losses. LO2
Describe the methods used to record partnership changes when a new partner is admitted or when a partner withdraws from the partnership. LO2
Describe the rationale behind the goodwill method in accounting for changes in partnership membership. LO2
Describe the tax treatment of partnership income. LO2
Explain why a partnership is viewed in accounting as a “separate economic entity.” LO2
What are some of the methods commonly used in allocating income and losses to the partners? LO2

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