Wednesday, March 18, 2015

30 Free Test Bank for Advanced Accounting 1st Edition by Hamlen 

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Impairment losses on trading investments are:
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A company acquires all of the voting stock in Prolin Company, and records the transaction by debiting “Investment in Prolin Company.” The company is accounting for its investment as a:
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What is “value-in-use,” as used in reporting intercorporate investments, per IFRS?
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Which statement below is false concerning IFRS for marketable debt and equity investments?
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At the beginning of the current year, Trux, Inc. enters a joint venture with another company. Each company invests €25,000,000 for a 50% interest in the joint venture. During the year, the joint venture reports income of €1,500,000 and pays no dividends. At the end of the year the joint venture’s balance sheet reports €65,000,000 in assets and €13,500,000 in liabilities. If Trux uses proportionate consolidation to report its investment in the joint venture, its liabilities will be:
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Following IFRS, impairment loss for intercorporate investments with significant influence occurs when:
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Which statement is true concerning proportionate consolidation? Proportionate consolidation:
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A company acquires all of the assets and liabilities of another company. Which one of the following increases the amount of goodwill the acquiring company reports?
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Impairment losses on held-to-maturity investments are:
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Following U.S. GAAP, when should a company use the equity method to report an intercorporate investment?
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Sharil Company owns 40% of Tonlen Company. What is the most likely reason Sharil made this investment?
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Impairment testing requires a comparison of an asset’s book value with its fair value, with impairment losses reported on the income statement. Which of the following investments are NOT tested for impairment?
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Rand Corporation acquires all of Southern Company’s assets and liabilities on January 1, 2012, for $15,000,000 in cash. At the date of acquisition, Southern’s balance sheet reported assets of $75,000,000 and liabilities of $65,000,000. Investigation reveals that Southern’s reported plant assets are overvalued by $1,400,000. Rand reports how much goodwill on this acquisition?
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U.S. GAAP general requires joint ventures to be reported as:
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If a company elects the fair value option under SFAS 159 for all of its eligible investments, which of its investments are not reported at fair value, with unrealized gains and losses reported in income?
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Following IFRS, when should a company use the equity method to report an intercorporate investment?
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On December 20, 2011, a company pays $40,000 for a stock, classified as a trading security. On December 31, 2011, the company’s year-end, the stock has a market value of $43,000. The company sells the stock in 2012 for $41,000. On its income statement, the company reports:
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If a U.S. company invests in a joint venture, it may report the investment as:
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Proportionate consolidation is:
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On December 20, 2011, a company pays $40,000 for a stock, classified as an available-for-sale security. On December 31, 2011, the company’s year-end, the stock has a market value of $43,000. The company sells the stock in 2012 for $41,000. On its income statement, the company reports:
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A company acquires all of the assets and liabilities of another company in a statutory merger. Which statement is false?
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Held-to-maturity investments are reported at:
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Equity in net income is affected by all but which one of these items related to the investee?
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Which item below is least likely to be a reason a company invests in the securities of another company?
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SFAS 115 divides investments with readily determinable fair values into what categories?
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When a company owns a controlling interest in the stock of another legally separate company, the acquired company is called a:
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Following IFRS, when are held-to-maturity investments considered to be impaired?
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Porter Corporation acquires all of Quinn Company’s assets and liabilities on January 1, 2012, for $10,000,000 in cash. At the date of acquisition, Quinn’s balance sheet reported assets of $50,000,000 and liabilities of $46,000,000. Investigation reveals that Quinn’s reported plant assets are undervalued by $2,500,000. Porter reports how much goodwill on this acquisition?
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