2 points mcq general accounting In businessgoodwill is:combinations under common control,a) Calculated as in regular business combinationsb) Amortized immediatelyc) Always recognized at fair valued) Not recognized, difference goes to equity

Explanation of Business Combinations Under Common Control: Business combinations under common…

Answered: In business goodwill is: combinations…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 27MC: What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both...

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Financial Accounting MCQ
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What 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 changes
What is the impact on the accounting equation when stock is issued, in exchange for assets? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
In business goodwill is: combinations under common control, a) Calculated as in regular business combinations b) Amortized immediately c) Always recognized at fair value d) Not recognized, difference goes to equity
The identifiable assets acquired and liabilities assumed in a business combination are generally measured at: a. Acquisition-date fair values b. Previous carrying amounts c. Fair value less cost to sell d. Cost
Assets = Liability+ Capital where 'assets' are resources of the business; 'liabilities' are external claims against these resources; ' capital' is an internal or residual claim against these resources. Discuss the accounting equation considering the statement provided.
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Which of the following accounting treatments for costs related to business combination is incorrect? Group of answer choices The costs related to issuance of financial liability at fair value through profit or loss shall be recognized as expense while those related to issuance of financial liability at amortized cost shall be recognized as deduction from the book value of financial liability or treated as discount on financial liability to be amortized using effective interest method. The costs related to issuance of stock or equity securities shall be deducted/debited from any share premium from the issue and any excess is charged to “share issuance cost” reported as contract-equity account against either (1) share premium from other share issuances or (2) retained earnings Acquisition related costs such as finder’s fees; advisory, legal, accounting, valuation and other professional and consulting fees; and general administrative costs, including the costs of maintain an…
Listed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. h. Nixon Corp records and maintains their books at cost and/or current value, not at a liquidated value. Violation: (Yes/No) Applicable Assumption/Principle: i. Wages of $4,000 related to the last two days of July, were recorded as expense in July even though they were paid in August. Violation: (Yes/No) Applicable…
Which of the following is not considered in the determination of Total Assets after business determination? A. Book Value of the Acquirer's Total Assets B. Fair Value of the Acquiree's Total Assets C. Expenses that are actually paid in relation to business combination D. Contingent Consideration
In applying the equity method of accounting for an Equity Investment, profit on intercompany sales of assets are eliminated. Why?

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In business goodwill is: combinations under common control, a) Calculated as in regular business combinations b) Amortized immediately c) Always recognized at fair value d) Not recognized, difference goes to equity