Corporate creditors are required to approve a plan of consolidation. O True O False
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- In every corporate liquidation, which type of credits will not share from the free assets of the corporation? * a. Unsecured claims without priority b. Partially secured claims c. Fully secured claims d. Unsecured claims with priorityIn a merger of consolidation, or transfer to a controlled corporation, loss is deductible. Group of answer choices True FalseExplain how purchase accounting is implementedin a merger. Does the accounting profession nowrequire this method? How is any premium that theacquiring firm paid over the acquired firm’s bookvalue treated subsequent to a merger?
- Under PFRS 3, when is a gain recognized in consolidating financial information? Group of answer choices a.When the amount of a bargain purchase exceeds the value of the applicable liability held by the acquired company. b.In an acquisition when the value of all assets and liabilities cannot be determined. c.When any bargain purchased is created d.In a combination created in the middle of the fiscal yearWhat term is used to refer to denote that creditors usually may not go beyond the assets of the corporation to satisfy their claims? Group of answer choices unlimited liability limited liability double taxation mutualHow is the amount assigned to the non-controlling interest normally determined when a consolidated balance sheet is prepared immediately after a business combination?
- In an asset acquisition: a. A consolidation must be prepared whenever financial statements are issued. b. The acquiring company deals only with existing shareholders, not the company itself. c. The assets and liabilities are recorded by the acquiring company at their book values. d. Statements for the single combined entity are produced automatically and no consolidation process is needed.Which consolidation method should be used in preparing consolidated financial statements in accordance with IFRS? A. Proportionate consolidation method.B. Either identifiable net assets or fair value enterprise method.C. New entity method.D. Parent company method.When a company acquires an affiliated company’s debt instruments from a third party, how is the gain or loss on extinguishment of the debt calculated? When should this balance be recognized?
- Following the completion of a business combination in the form of a statutory consolidation, what is the balance in the new corporation’s Retained earnings account? A. The sum of the acquirer and acquiree retained earnings account balances. B. The acquirer retained earnings account balance C. Zero D. The acquiree retained earnings account balanceChoose the letter of the item NOT belonging or related to the group in computing for Non-Controlling Interest in the Consolidated Statement of Financial Position. * a. Answer not given b. full goodwill. c. amortization of excess. d. upstream transactions. e. gain on bargain purchase.Statement I: A consolidation occurs when the entity that issues securities (the legal acquirer) is identified as the acquiree for accounting purposes.Statement II: In a consolidation, all of the combining entities transfers their net assets to form a new entity or sometimes referred as roll-up or put-together transaction. a. True, True b. False, False c. False, True d. True, False
