43 Free Test Bank for Advanced Financial Accounting 10th Edition by Christensen
To prepare carefully for the coming exam, free test bank for Advanced Financial Accounting 10th Edition by Christensen based on 2015 textbook test banks provides a series of questions with available answers to meet students’ demands on advanced financial accounting. There are 43 mutiple choice questions below to practice easily. Take part in testing right now!
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Which of the following observations refers to the term differential?
Pursuing an inorganic growth strategy, Wilson Company acquired Venus Company's net assets and assigned them to four separate reporting divisions. Wilson assigned total goodwill of $134,000 to the four reporting divisions as given below: Carrying value: $200,000 ( Alpha), $320,000 (Beta), $370,000 (Gamma), $300,000 (Delta); Goodwill included in carrying value: $20,000 ( Alpha), $34,000 (Beta), $50,000 (Gamma), $30,000 (Delta); Fair value of net identifiable assets at year-end: $150,000 ( Alpha), $300,000 (B
ASC 805 requires contingent consideration in a business combination to be classified as:
In which of the following situations do accounting standards not require that the financial statements of the parent and subsidiary be consolidated:
Big Company acquired the following assets and liabilities of Little Company (fair values listed below) for $470,000 cash: Inventory: $70,000; Land: 100,000; Buildings and Equipment: 320,000; Current liabilities: 50,000.Assuming these items are all recorded at their acquisition date fair values, what additional item needs to be recorded and how will it be accounted for in the future?
Given the increased development of complex business structures, which of the following regulators is responsible for the continued usefulness of accounting reports?
Which of the following observations concerning "goodwill" is NOT correct?
ASC 805 requires that ongoing research and development projects be treated in all of the following ways except:
In order to reduce the risk associated with a new line of business, Conservative Corporation established Spin Company as a wholly owned subsidiary. It transferred assets and accounts payable to Spin in exchange for its common stock. Spin recorded the following entry when the transaction occurred: Cash and receivables: 23,000; Inventory: 15,000; Land: 30,000; Buildings: 100,000; Equiment: 95,000; Accounts Payable: 20,000; Accumulated Depreciation- Buidings: 32,000; Accumulated Depreciation- Equipments: 30,00
In order to reduce the risk associated with a new line of business, Conservative Corporation established Spin Company as a wholly owned subsidiary. It transferred assets and accounts payable to Spin in exchange for its common stock. Spin recorded the following entry when the transaction occurred: Cash and receivables: 23,000; Inventory: 15,000; Land: 30,000; Buildings: 100,000; Equiment: 95,000; Accounts Payable: 20,000; Accumulated Depreciation- Buidings: 32,000; Accumulated Depreciation- Equipments: 30,00
Pursuing an inorganic growth strategy, Wilson Company acquired Venus Company's net assets and assigned them to four separate reporting divisions. Wilson assigned total goodwill of $134,000 to the four reporting divisions as given below: Carrying value: $200,000 ( Alpha), $320,000 (Beta), $370,000 (Gamma), $300,000 (Delta); Goodwill included in carrying value: $20,000 ( Alpha), $34,000 (Beta), $50,000 (Gamma), $30,000 (Delta); Fair value of net identifiable assets at year-end: $150,000 ( Alpha), $300,000 (B
During its inception, Devon Company purchased land for $100,000 and a building for $180,000. After exactly 3 years, it transferred these assets and cash of $50,000 to a newly created subsidiary, Regan Company, in exchange for 15,000 shares of Regan's $10 par value stock. Devon uses straight-line depreciation. Useful life for the building is 30 years, with zero residual value. An appraisal revealed that the building has a fair value of $200,000. Based on the information provided, what amount would be reporte
Note: This is a Kaplan CPA Review Question On August 31, 20X1, Wood Corp. issued 100,000 shares of its $20 par value common stock for the net assets of Pine, Inc. in a business combination accounted for by the acquisition method. The market value of Wood's common stock on August 31 was $36 per share. Wood paid a fee of $160,000 to the consultant who arranged this acquisition. Costs of registering and issuing the equity securities amounted to $80,000. No goodwill was involved in the purchase. What amount sho
Pursuing an inorganic growth strategy, Wilson Company acquired Venus Company's net assets and assigned them to four separate reporting divisions. Wilson assigned total goodwill of $134,000 to the four reporting divisions as given below: Carrying value: $200,000 ( Alpha), $320,000 (Beta), $370,000 (Gamma), $300,000 (Delta); Goodwill included in carrying value: $20,000 ( Alpha), $34,000 (Beta), $50,000 (Gamma), $30,000 (Delta); Fair value of net identifiable assets at year-end: $150,000 ( Alpha), $300,000 (B
Assuming no impairment in value prior to transfer, assets transferred by a parent company to another entity it has created should be recorded by the newly created entity at the assets':
Public Equity Corporation acquired Lenore Company through an exchange of common shares. All of Lenore's assets and liabilities were immediately transferred to Public Equity. Public's common stock was trading at $20 per share at the time of exchange. Following selected information is also available: Par value of shares outstanding: $200,000 ( Before acquisition), $250,000 (After acquisition); addtional paid- in capital: $350,000 ( Before acquisition), $550,000 (After acquisition) Based on the preceding infor
Rivendell Corporation and Foster Company merged as of January 1, 20X9. To effect the merger, Rivendell paid finder's fees of $40,000, legal fees of $13,000, audit fees related to the stock issuance of $10,000, stock registration fees of $5,000, and stock listing application fees of $4,000. Based on the preceding information, under the acquisition method:
Which of the following situations best describes a business combination to be accounted for as a statutory merger?
Public Equity Corporation acquired Lenore Company through an exchange of common shares. All of Lenore's assets and liabilities were immediately transferred to Public Equity. Public's common stock was trading at $20 per share at the time of exchange. Following selected information is also available: Par value of shares outstanding: $200,000 ( Before acquisition), $250,000 (After acquisition); addtional paid- in capital: $350,000 ( Before acquisition), $550,000 (After acquisition) Based on the preceding infor
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