In joint venture accounting, the equity method requires? a) Line-by-line consolidation b) Recognition of share of profits and net assets c) Cost method only d) Fair value accounting
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- In financial statements that are not separate financial statements, how should a joint venturer account for its interest in a joint arrangement? a. As an investment measured either at cost, fair value or using equity method b. As an investment measured using the equity method c. By using a T-account d. By recognizing its share in the assets, liabilities, income and expenses of the join venture and adding them line by line to similar accountsWhich of the following statements are true?(i) Equity accounting method is used to account for investor-associate relationship(ii) Full consolidation is used to account for investor-associate relationship.(iii) Equity accounting method is used to account for parent-subsidiary relationship.(iv) The equity accounting method is used to account for investor-joint venture relationship.Select one:a.(i) and (iv) onlyb.(ii) and (iii) onlyc.(ii) and (iv) onlyd.(iii) and (iv) onlyBased on which of the following concepts, is share capital account shown on the liability side of a balance sheet? Business entity concept Money measurement concept Cost concept Going concern concept
- Whichever of the below offers the most potential for allowing the investor to use off-balance-sheet financial support? Answer options in a group Method of equityWith special purpose entities, the equity technique is used.Accounting on a mark-to-market basisAccounting for consolidation.1. What is an intercorporate share investments? a) Significance Influence b) Financial Assets vs Investment in Associates c) Loss of Significance Influence 2. What is are the accounting treatment for Investments in Associates? a) Cost Method b) FV Method c) Equity Method 3. What is the accounting treatment for Impairment Loss of Investments. 0OUT DUT N PEDARB FOR ONLINE PARTICIPATION.According to IAS 28, Investments in Associates and Joint Ventures, an investment classified as a joint venture should be equity accounted in the consolidated financial statements of the investor company. Which statement below can be used to describe the Equity accounting method? Select one: O a. It is an accounting method whereby an investment is initially recorded at fair value and is subsequently adjusted for amortization over an agreed period of time. O b. It is an accounting method whereby an investment is initially recorded at cost and is subsequently adjusted for amortization over an agreed period of time. O c. It is an accounting method whereby an investment is initially recorded at cost and is subsequently adjusted for post-acquisition changes in the investor's share of the net assets of the investee. O d. It is an accounting method whereby an investment is initially recorded at fair value and is subsequently adjusted for post-acquisition changes in the investor's share of the…
- Which statement is true in relation to business combination achieved in stages? a. The pre-existing equity interest shall be remeasured at fair value with any resulting gain or loss included in profit or loss. b. The pre-existing interest shall be remeasured at fair value with any resulting gain or loss recognized in retained earnings. c. The pre-existing equity interest shall be remeasured at fair value with any resulting gain or loss included in other comprehensive income. d. The pre-existing interest shall not be remeasured.Q. Which of the following is within the scope of investments accounted for using the equity method of accounting?a) Investment in a wholly-owned or partly-owned subsidiaryb) Joint venture's debt or equity instruments traded in a public marketc) Investment in associate that meets the criteria to be classified as held forsaled) Investment in a financial asset, measured at fair valueDirect cost incurred in a business combination are A. CapitalizedB. ExpensedC. Capitalized, except for costs of issuing equity and debt instrumentsD. Expensed, except for costs of issuing equity and debt instruments
- Consider the following statements.I. In applying the Equity Method of accounting for investments in associates, dividends received from the investee are considered a return of capital and should be credited to stockholders’ equity of the investor.II. A subsidiary is an affiliate that is not controlled by an enterprise directly, or indirectly, through one or more intermediaries.State whether the foregoing statements are correct.a. Only I is correctb. Only II is correctc. I and II are correctd. Neither I nor II is correctAccording to IAS 39 Financial Instruments: Recognition and Measurement, at what amount should a financial instrument such as a long-term investment in the shares of a company initially be measured? A. Cost of the nearest equivalent financial instrument B. Fair value of consideration given C. Fair value of consideration given plus directly attributable transaction costs D. Fair value of consideration given less directly attributable transaction costsThe 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 consolidation
