The underlying equity of an investment at acquisition: Question 10Answer a. Is equal to the fair value of the investee’s net assets times the percentage acquired b. Is equal to the book value of the investee’s net assets times the percentage acquired c. Is recorded in the investment account under the equity method d. Minus the cost of the investment is assigned to goodwill
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- Multiple choice 1. The transaction costs of acquiring an investment measured at amortized cost are A. Included in the initial measurement of the investment and amortized to profit or loss using the effective interest method. B. Initiallt deferred and recognized in profit or loss only when the aaset is derecognized or becomes impaired. C. Initially deferred and recognized directly in equity when the asset is derecognized or becomes impaired. D. Expensed immediately on acquisition date. 2. An entity acquired 10 year bonds at a premium. The investment is measured at amortized cost . Seven years after the acquisition, the entity sold 90% of the bonds at a discount. Which is the following is true? A. Gain is realized on the sale. B. The remaining 10% should be reclassified out of the amortized cost measument category. C. Loss is realized on the sale. D. B and C 3. There are no payments made during the life of this type of bond; both the principal and interest( computed on a…25. A parent company’s investment account would include an element which is representative of : Multiple Choice the unrecorded difference between fair value and book value of the investee’s assets. the unrecorded book value of the investor’s assets. the goodwill accrued since the purchase of the investee. the recorded current value of the investee’s assets.Which of the following is measured at fair value with fair value changes recognized in profit or loss? a. held to maturity investments b. financial assets designated at FVPL c. FVOCI d. all of these
- PLEASE USE ACCOUNTS OUT OF THIS LIST: Accumulated Other Comprehensive IncomeAllowance for Investment ImpairmentBond Investment at Amortized CostCashDividends ReceivableDividend RevenueFV-NI InvestmentsFV-OCI InvestmentsGain on Disposal of Investments in AssociateGain on Disposal of Investments - Cost/Amortized CostGain on Disposal of Investments - FV-NIGain on Disposal of Investments - FV-OCIGain or Loss in Value of Investment PropertyGST ReceivableInterest ExpenseInterest IncomeInterest PayableInterest ReceivableInvestment in AssociateInvestment Income or LossLoss on Discontinued OperationsLoss on Disposal of Investments - Cost/Amortized CostLoss on Disposal of Investments - FV-NILoss on Disposal of Investments - FV-OCILoss on ImpairmentNo EntryNote Investment at Amortized CostOther InvestmentsRecovery of Loss from ImpairmentRetained EarningsUnrealized Gain or LossUnrealized Gain or Loss - OCIPLEASE USE ACCOUNTS FROM THIS LIST Accumulated Other Comprehensive IncomeAllowance for Investment ImpairmentBond Investment at Amortized CostCashDividends ReceivableDividend RevenueFV-NI InvestmentsFV-OCI InvestmentsGain on Disposal of Investments in AssociateGain on Disposal of Investments - Cost/Amortized CostGain on Disposal of Investments - FV-NIGain on Disposal of Investments - FV-OCIGain or Loss in Value of Investment PropertyGST ReceivableInterest ExpenseInterest IncomeInterest PayableInterest ReceivableInvestment in AssociateInvestment Income or LossLoss on Discontinued OperationsLoss on Disposal of Investments - Cost/Amortized CostLoss on Disposal of Investments - FV-NILoss on Disposal of Investments - FV-OCILoss on ImpairmentNo EntryNote Investment at Amortized CostOther InvestmentsRecovery of Loss from ImpairmentRetained EarningsUnrealized Gain or LossUnrealized Gain or Loss - OCIExplain the adjustments made in the equity method when the fair value of the net assets underlying an investment exceeds their book value at acquisition.
- Which of the following is (are) acceptable valuation(s) for reporting of assets on the balance sheet? 1. inventories at lower of cost or net realizable value. 2. accounts receivable at net realizable value. 3. plant and equipment at cost 4. investments at acquisition cost Select one: 1 and 4 1 and 3 1 and 2 2 and 4When applying the equity method, how is the excess of cost over book value accounted for? A) The excess is allocated to the difference between fair value and book value multiplied by the percent of ownership of current assets.B) The excess is allocated to the difference between fair value and book value multiplied by the percent ownership of total assets.C) The excess is allocated to the difference between fair value and book value multiplied by the percent ownership of net assets.D) The excess is allocated to goodwill.E) The excess is ignored.True or False Pls indicate if the statements are True or False. 1. All allocated excess/purchase differentials are amortized. 2. Allocated excess/purchase differential amortizations are the allocation over time of the difference between the market value and the book value of the subsidiary’s assets and liabilities at the acquisition date. 3.
- choose from the following accounts: Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash Commission Expense Dividends Receivable Dividend Revenue FV-NI Investments FV-OC|Investments Gain on Disposal of Investments - FV-NI Gain on Disposal of Investments - FV-OCI Gain on Sale of Investments GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Investment in Associate Investment Income or Loss Loss on Discontinued Operations Loss on Disposal of Investments FV-NI Loss on Disposal of Investments FV-OCI Loss on Impairment Loss on Sale of Investments No Entry Note Investment at Amortized Cost Other Investments Recovery of Loss from Impairment Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss - OCIchoose from the following accounts: Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash Commission Expense Dividends Receivable Dividend Revenue FV-NI Investments FV-OC|Investments Gain on Disposal of Investments - FV-NI Gain on Disposal of Investments - FV-OCI Gain on Sale of Investments GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Investment in Associate Investment Income or Loss Loss on Discontinued Operations Loss on Disposal of Investments FV-NI Loss on Disposal of Investments FV-OCI Loss on Impairment Loss on Sale of Investments No Entry Note Investment at Amortized Cost Other Investments Recovery of Loss from Impairment Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss - OCIchoose from the following accounts: Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash Commission Expense Dividends Receivable Dividend Revenue FV-NI Investments FV-OC|Investments Gain on Disposal of Investments - FV-NI Gain on Disposal of Investments - FV-OCI Gain on Sale of Investments GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Investment in Associate Investment Income or Loss Loss on Discontinued Operations Loss on Disposal of Investments FV-NI Loss on Disposal of Investments FV-OCI Loss on Impairment Loss on Sale of Investments No Entry Note Investment at Amortized Cost Other Investments Recovery of Loss from Impairment Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss - OCI
