In business combinations under common control, goodwill is____. A. Calculated as in regular business combinations B. Amortized immediately C. Not recognized, difference goes to equity D. Always recognized at fair value MCQ
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In business combinations under common control, goodwill is____. A. Calculated as in regular business combinations B. Amortized immediately C. Not recognized, difference goes to equity D. Always recognized at fair value MCQ
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- Fair Value Measurement Concept Question: What does it mean when fair value is paid to transfer a liability in an orderly transaction between market participants at the measurement date? Please explain or give an example for understanding.A contingent liability assumed in a business combination: a. Is not accounted for by the acquirer if the contingent liability has an improbable outflow of economic resources. b. Is recognized even if it has an improbable outflow of economic resources for as long as there is present obligation and the fair value of the obligation can be measured reliably c. Is recognized only if there is present obligation, probable outflow of economic resources, and can be measured reliably. d. Are not accounted for by the acquirer if the contingent liability has an improbable outflow of economic resources and recognized only if there is present obligation, probable outflow of economic resources, and can be measured reliably.receivables not measured initially at their transaction price are measured initially ata. fair value plus transaction costs that are directly attributable to the acquisition of the financial assetb. fair valuec. fair value minus transaction costs that are directly attributable to the acquisition of the financial assetd. fair value less costs to sell
- Which one of the following statements regarding IFRS accounting for goodwill is correct: a. If goodwill is negative, it is reported as a liability b. If goodwill is negative, it is reported as a gain in P&L c. Goodwill cannot be negativeWhat is the impact on the accounting equation when a sale occurs? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesWhich of the following statements concerning the different types of hedging transactions is incorrect? a. In hedging transaction designated as fair value hedge, unrealized holding gain or loss on hedged item will be recognized in profit or loss. b. In hedging transaction designated as cash flow hedge, unrealized holding gain or loss on hedged item will be recognized in other comprehensive income with reclassifications adjustment to profit or loss if realized. c. In hedging transaction which is undesignated, unrealized holding gain or loss on hedging instrument will be recognized in profit or loss. d. In hedging transaction designated as hedge of net investment in foreign operation, unrealized holding gain or loss on hedging instrument which is considered effective portion will be recognized in other comprehensive income with reclassification adjustment to profit or loss if realized.
- How shall an acquirer in a business combination account for the changes in fair value contingent consideration classified as equity instrument if the changes result from events after the acquisition date? a. The changes in fair value of contingent consideration classified as equity shall be recognized as gain or loss in profit or loss because they are not measurement period adjustments. b. Contingent consideration classified as equity shall not be re-measured and its subsequent settlement shall be accounted for within equity. c. The changes in fair value of contingent consideration classified as equity shell be retrospectively restated to beginning retained earnings because they are prior period error. d. The change in fair value of contingent consideration classified as equity shall be retroactively adjusted to goodwill/gain on bargain purchase because they are measurement period adjustments.Other comprehensive income includes the following, except A. unrealized gain on derivative contract designated as cash flow hedge B. loss from translating the financial statements of a foreign operation C. actuarial gain on defined benefit plan that is fully recognized D. dividends paid to shareholdersIf the value of an item can be measured and reasonably determined, this item can be recognized in the financial statements as long as it O involves an exchange of cash and/or credit is granted. O provides some future economic benefit. meets the definition of an element of the financial statements. O has already occurred.
- 4. Which of the following is not a component of other comprehensive income?a. Unrealized gain on equity investment measured at fair value through other comprehensive incomeb. Revaluation lossc. Unrealized gain from derivative contracts designated as cash flow hedged. Loss from translation of the financial statements of a domestic operation 5. Which of the following is a component of other comprehensive income?a. Unrealized loss from derivative contracts designated as fair value hedge.b. Unrealized loss on debt investment measured at fair value through other comprehensive incomec. Gain from translation of the financial statement of a domestic operation.d. Remeasurements of defined obligation plan, including accrual gain 6. Statement of comprehensive income can be presented asa. Two statements or single statement of comprehensive incomeb. Single statement of comprehensive income onlyc. Two statement of income statement or statement of comprehensive income onlyd. Statement of…For assets acquired on credit or by installment, the cost or fair value is equal to: A. cash purchase priceB. invoice priceC. installment priceD. list priceChoose the correct answer: Under IFRS 9, the cumulative balance of equity as a result of measuring the investment at fair value through OCI a. shall be reversed to profit or loss once security has been sold. b. shall be reversed to profit or loss once security has been impaired. c. shall not be reversed to profit or loss but can be transferred to another equity account. d. shall not be reversed to profit or loss nor transferred to another equity account. .
