In group reorganizations, common control transactions are accounted for using which accounting? a) Fair value accounting b) Book value accounting c) Mixed value accounting d) Market value accounting
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- General AccountingWhich 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.How should the fresh start reorganization value normally be determined? Select one: a.As the net realizable value of identifiable assets, debt, and equity, only including assets that were in the previous balance sheet. b.As the sum of current replacement cost of the company's assets. c.As the fair value of assets, debt, and equity, including assets that were not in the previous balance sheet. d.As adjusted current cash flows for the entity as it emerges from reorganization. e.As the sum of the historical book values of net assets, adjusted for assets not previously recorded.
- 2.The statement of financial affairs is prepared Select one: a.in order to bring clarity to the "liquidate or reorganize" decision. b.under the assumption that liquidation will occur. c.Under the going concern assumption. d.as the final statement produced in any liquidation or reorganization scenario. e.Both a) and b) are correct.Define the following terms: (1) restructuring, (2) extension,(3) composition, (4) assignment, and (5) assignee (trustee).10. Which of the following should be disclosed in a summary of significant accounting policies? a. Type of executory contract b. Cumulative effect of change in accounting policy c. Claims of equity holders d. Depreciation method
- The following are discussed in the primary financial statement project, except: aggregation and disaggregation O b. presentation of financial position O c. unusual item O d. presentation of income statementThe fair value method of accounting for stock a.recognizes dividends as income b.requires the investment to be decreased by the reported net income of the investee c.requires the investment to be increased by the reported net income of the investee d.is only appropriate as part of a consolidationWhich 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…
- While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as [A] Business Entity Concept [B] Conservatism [C] Expenditure Concept [D] Money Measurment ConceptChoose 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.Will the decision about the transfer price affect consolidated net income? Which method would be easiest for the company's accountant to administer? As the company's accountant, what advice would you give to these officials?
