The control premium in business combinations is (A) Expensed immediately ? (B) Included in goodwill calculation (C) Recorded separately (D) Ignored in valuation
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- Provide AnswerWhich of the following would trigger a subtraction in the indirect operating section? A. gain on sale of investments B. depreciation expense C. decrease in accounts receivable D. decrease in bonds payablesome examples of items that would be adjusted directly against equity, rather than beingincluded as part of profit or loss.
- Financial Asset at Fair Value under OCI would have its gain or loss reported at what Financial Statement? Income Statement Cash Flow Changes in Owners Equity Balance SheetWhich of the following is not one of the components of other comprehensive income? a. changes in revaluation surplus b. remeasurements of the net defined benefit liability (asset) unrealized gains and losses on FVPL c. translation gains and losses on foreign operation d. effective portion of gains and losses on hedging instruments on a cash flow hedgeProvide some example of items which would be adjusted directly against equity rather than being as part of profit or loss
- Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process must be completed. B. A product or service must be provided. C. Cash must be collected. D. GAAP requires that the accrual basis accounting principle be used in the revenue recognition process.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 changesMatch the correct term with its definition. A. cost principle i. if uncertainty in a potential financial estimate, a company should err on the side of caution and report the most conservative amount B. full disclosure principle ii. also known as the historical cost principle, states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition C. separate iii. (also referred to as the matching principle) matches expenses with associated revenues in the period in which the revenues were generated. D. monetary iv. business must report any business activities that could affect what is reported on the financial statements E. conservatism v. system of using a monetary unit by which to value the transaction, such as the US dollar. F. revenue vi. period of time in which you performed the service or gave the customer the product is the period in which revenue is recognized. G. expense vii. business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally.
- Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition. A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleHow should negative goodwill be shown on the consolidated financial statements of the acquirer? Group of answer choices As a liability on the statement of financial position As a loss on the statement of comprehensive income As a separate amount under shareholders' equity on the statement of financial position As a gain on the statement of comprehensive income1. On reporting date, they are measured at market value.2. Initially measured at purchase price, which is the fair value at purchase date.3. Initially recognized at purchase price plus transaction costs.4. Generally, dividends received or receivable are recorded as dividend revenue.5. Change in fair value is not recognized unless there is permanent impairment in value.6. Dividends received are reported as a decrease in the carrying amount of the investment.7. Impairment loss and reversal of impairment are not separately accounted for.8. Bonus issue is not separately recognized in a formal accounting entry.9. Any difference between the cost of investment and the share i the fair value of the net identifiable assets is amortized and is considered an adjustment to the recognized income from this investment.10. At the date of the disposal of the securities, the equity account accumulated in other comprehensive income may be transferred to another equity account.11. The income recognized in…
