Package deal
ADVANCED ACCOUNTING REAL DEAL EXAM PACKAGE WITH VERIFIED SOLUTIONS GRADED A+
ADVANCED ACCOUNTING REAL DEAL EXAM PACKAGE WITH VERIFIED SOLUTIONS GRADED A+
[Show more]ADVANCED ACCOUNTING REAL DEAL EXAM PACKAGE WITH VERIFIED SOLUTIONS GRADED A+
[Show more]Advanced Accounting Chapter 13 exam 
GRADED A+ 
Enterprise-wide disclosure - ANSWERStandard to provide users more 
information about the company's risks. Typically made in a footnote to the 
financial statements 
Interim income tax - ANSWERComputation poses a problem because the 
actual tax burden ...
Preview 2 out of 8 pages
Add to cartAdvanced Accounting Chapter 13 exam 
GRADED A+ 
Enterprise-wide disclosure - ANSWERStandard to provide users more 
information about the company's risks. Typically made in a footnote to the 
financial statements 
Interim income tax - ANSWERComputation poses a problem because the 
actual tax burden ...
Advanced Accounting Chapter 13 * EXAM 
GRADED A+ 
B - ANSWERWhat are the objectives of bankruptcy laws in the US? 
A) Provide relief for the court system and ensure that all debtors are treated the 
same 
B) Distribute assets fairly and discharge honest debtors from their obligations 
C) Protect the...
Preview 2 out of 5 pages
Add to cartAdvanced Accounting Chapter 13 * EXAM 
GRADED A+ 
B - ANSWERWhat are the objectives of bankruptcy laws in the US? 
A) Provide relief for the court system and ensure that all debtors are treated the 
same 
B) Distribute assets fairly and discharge honest debtors from their obligations 
C) Protect the...
Advanced Accounting Chapter 12 EXAM 
When a city signs a capital lease, which of the following entries would be made? - 
ANSWERFor government-wide financial statements, credit Capital Lease 
Obligation. 
When a city establishes a new landfill, which of the following entries would be 
made? - ANSWERA...
Preview 2 out of 5 pages
Add to cartAdvanced Accounting Chapter 12 EXAM 
When a city signs a capital lease, which of the following entries would be made? - 
ANSWERFor government-wide financial statements, credit Capital Lease 
Obligation. 
When a city establishes a new landfill, which of the following entries would be 
made? - ANSWERA...
Advanced Accounting Chapter 12 EXAM 
GRADED A+ 
When a city signs a capital lease, which of the following entries would be made? - 
ANSWERFor government-wide financial statements, credit Capital Lease 
Obligation. 
When a city establishes a new landfill, which of the following entries would be 
made...
Preview 2 out of 5 pages
Add to cartAdvanced Accounting Chapter 12 EXAM 
GRADED A+ 
When a city signs a capital lease, which of the following entries would be made? - 
ANSWERFor government-wide financial statements, credit Capital Lease 
Obligation. 
When a city establishes a new landfill, which of the following entries would be 
made...
Advanced Accounting Chapter 10 exam 
100% solved 
In a partnership liquidation, how is the final allocation of business assets made to 
the partners? - answerAccording to the balances of the partners' loan and 
capital accounts 
A partnership (Marla, Barbara, and Roberta) is in the process of liqui...
Preview 2 out of 5 pages
Add to cartAdvanced Accounting Chapter 10 exam 
100% solved 
In a partnership liquidation, how is the final allocation of business assets made to 
the partners? - answerAccording to the balances of the partners' loan and 
capital accounts 
A partnership (Marla, Barbara, and Roberta) is in the process of liqui...
Advanced Accounting Chapter 10 exam 
100% solved 
When a partnership is insolvent and a partner has a deficit capital account balance, 
that partner is legally required to: 
A) Declare personal bankruptcy. 
B) Initiate legal proceedings against the partnership. 
C) Contribute cash to the partnership...
Preview 1 out of 4 pages
Add to cartAdvanced Accounting Chapter 10 exam 
100% solved 
When a partnership is insolvent and a partner has a deficit capital account balance, 
that partner is legally required to: 
A) Declare personal bankruptcy. 
B) Initiate legal proceedings against the partnership. 
C) Contribute cash to the partnership...
Advanced Accounting exam 
Graded A+ 
Data - ANSWERFact, occurrence, instance, measurable observation 
Big Data - ANSWERCorporate accumulation of massive amounts of data that 
can be used for analysis 
Why has utilizing big data become normal for most institutions? - ANSWER1. 
Advancements in collect...
Preview 2 out of 8 pages
Add to cartAdvanced Accounting exam 
Graded A+ 
Data - ANSWERFact, occurrence, instance, measurable observation 
Big Data - ANSWERCorporate accumulation of massive amounts of data that 
can be used for analysis 
Why has utilizing big data become normal for most institutions? - ANSWER1. 
Advancements in collect...
Advanced Accounting exam with verified 
solutions 
Jabiru Corporation purchased a 20% interest in Fish Company common stock on 
January 1, 2013 for $300,000. This investment was accounted for using the 
complete equity method and the correct balance in the Investment in Fish account 
on December 31,...
Preview 3 out of 17 pages
Add to cartAdvanced Accounting exam with verified 
solutions 
Jabiru Corporation purchased a 20% interest in Fish Company common stock on 
January 1, 2013 for $300,000. This investment was accounted for using the 
complete equity method and the correct balance in the Investment in Fish account 
on December 31,...
Advanced Accounting exam with verified 
solutions 
On January 1, Puckett Company paid $1.6 million for 50,000 shares of Harrison's 
voting common stock, which represents a 40 percent investment. No allocation to 
goodwill or other specific account was made. Significant influence over Harrison 
is a...
Preview 1 out of 3 pages
Add to cartAdvanced Accounting exam with verified 
solutions 
On January 1, Puckett Company paid $1.6 million for 50,000 shares of Harrison's 
voting common stock, which represents a 40 percent investment. No allocation to 
goodwill or other specific account was made. Significant influence over Harrison 
is a...
Advanced Accounting exam with verified 
solutions 
In a governmental fund, which of the following constitutes revenue? 
a. Cash received from another fund of the same unit 
b. bond proceed 
c. property taxes 
d. refund on a invoice for fuel - answerProperty Taxes - a and b are other 
financing sourc...
Preview 2 out of 5 pages
Add to cartAdvanced Accounting exam with verified 
solutions 
In a governmental fund, which of the following constitutes revenue? 
a. Cash received from another fund of the same unit 
b. bond proceed 
c. property taxes 
d. refund on a invoice for fuel - answerProperty Taxes - a and b are other 
financing sourc...
Advanced Accounting exam 100% solved 
Which of the following is not a governmental fund? - answerInternal Service 
Fund. 
What is the purpose of a Special Revenue Fund? - answerTo account for 
revenues legally or externally restricted as an operating expenditure. 
What is the purpose of Enterprise F...
Preview 2 out of 12 pages
Add to cartAdvanced Accounting exam 100% solved 
Which of the following is not a governmental fund? - answerInternal Service 
Fund. 
What is the purpose of a Special Revenue Fund? - answerTo account for 
revenues legally or externally restricted as an operating expenditure. 
What is the purpose of Enterprise F...
Advanced Accounting exam 2 
100% solved 
How much intercompany inventory profit should be eliminated from ending 
inventory in the consolidation process? 
a) Net profit on total inter-company sales during the year 
b) Gross profit on total inter-company sales during the year 
c) Gross profit on good...
Preview 2 out of 9 pages
Add to cartAdvanced Accounting exam 2 
100% solved 
How much intercompany inventory profit should be eliminated from ending 
inventory in the consolidation process? 
a) Net profit on total inter-company sales during the year 
b) Gross profit on total inter-company sales during the year 
c) Gross profit on good...
Advanced Accounting exam 2 with 
verified solutions 
Stock given as consideration is valued at: - ANSWERfair market value 
Which of the following advantages and/or disadvantages of stock acquisitions 
relative to asset acquisitions (and subsequent consolidated financial statements) is 
misstated? - ...
Preview 2 out of 6 pages
Add to cartAdvanced Accounting exam 2 with 
verified solutions 
Stock given as consideration is valued at: - ANSWERfair market value 
Which of the following advantages and/or disadvantages of stock acquisitions 
relative to asset acquisitions (and subsequent consolidated financial statements) is 
misstated? - ...
Advanced Accounting exam 2 with verified 
solutions 
Which one of the following accounts would not appear in the consolidated 
financial statements at the end of the first fiscal period of the combination? - 
answerInvestment in Subsidiary 
Which of the following internal record-keeping methods can ...
Preview 4 out of 60 pages
Add to cartAdvanced Accounting exam 2 with verified 
solutions 
Which one of the following accounts would not appear in the consolidated 
financial statements at the end of the first fiscal period of the combination? - 
answerInvestment in Subsidiary 
Which of the following internal record-keeping methods can ...
Advanced Accounting Exam 2 Multiple 
Choice 
1. For business combinations involving less than 100 percent ownership, the 
acquirer recognizes and measures all of the following at the acquisition date 
except: 
A) identifiable assets acquired, at fair value. 
B) liabilities assumed, at book value. 
C...
Preview 3 out of 17 pages
Add to cartAdvanced Accounting Exam 2 Multiple 
Choice 
1. For business combinations involving less than 100 percent ownership, the 
acquirer recognizes and measures all of the following at the acquisition date 
except: 
A) identifiable assets acquired, at fair value. 
B) liabilities assumed, at book value. 
C...
Advanced Accounting exam 
GRADED A+ 
The consolidating process is carried out on the books of the parent company, as 
opposed to being carried out on a consolidation worksheet. - ANSWERFalse 
A 52%-owned subsidiary that is not consolidated because the parent company does 
not exercise "control" ov...
Preview 1 out of 2 pages
Add to cartAdvanced Accounting exam 
GRADED A+ 
The consolidating process is carried out on the books of the parent company, as 
opposed to being carried out on a consolidation worksheet. - ANSWERFalse 
A 52%-owned subsidiary that is not consolidated because the parent company does 
not exercise "control" ov...
Advanced Accounting Exam #3 100% 
VERIFIED 
Safe payments are equal to the recorded capital balances of partners with positive 
capital balances. - ANSWERFalse 
The purpose of a marshaling of assets is to protect the interests of various creditors 
- ANSWERTrue 
The proper ranking of property distri...
Preview 1 out of 4 pages
Add to cartAdvanced Accounting Exam #3 100% 
VERIFIED 
Safe payments are equal to the recorded capital balances of partners with positive 
capital balances. - ANSWERFalse 
The purpose of a marshaling of assets is to protect the interests of various creditors 
- ANSWERTrue 
The proper ranking of property distri...
Advanced Accounting test bank graded A+ 
one company acquires another company in a combination accounted for under the 
acquisition method. The acquiring company decides to apply the equity method in 
accounting for the combination. What is one reason the acquiring companies might 
have made this de...
Preview 1 out of 3 pages
Add to cartAdvanced Accounting test bank graded A+ 
one company acquires another company in a combination accounted for under the 
acquisition method. The acquiring company decides to apply the equity method in 
accounting for the combination. What is one reason the acquiring companies might 
have made this de...
Advanced Accounting test bank graded A+ 
The foreign exchange rate for the immediate delivery of currencies exchanged is 
called the: 
A) forward rate. 
B) historical rate. 
C) spot rate. 
D) market rate. 
E) swap rate. - ANSWERSpot Rate 
On November 1 of the current year, Patriot Inc. purchased a c...
Preview 3 out of 27 pages
Add to cartAdvanced Accounting test bank graded A+ 
The foreign exchange rate for the immediate delivery of currencies exchanged is 
called the: 
A) forward rate. 
B) historical rate. 
C) spot rate. 
D) market rate. 
E) swap rate. - ANSWERSpot Rate 
On November 1 of the current year, Patriot Inc. purchased a c...
Advanced Accounting Test 2 Exam 100% 
solved 
When a parent uses the partial equity method throughout the year to account for its 
80% investment in an acquired subsidiary, which of the following statements is 
true at the date immediately preceding the date on which adjustments are made on 
the con...
Preview 2 out of 10 pages
Add to cartAdvanced Accounting Test 2 Exam 100% 
solved 
When a parent uses the partial equity method throughout the year to account for its 
80% investment in an acquired subsidiary, which of the following statements is 
true at the date immediately preceding the date on which adjustments are made on 
the con...
Advanced Accounting test 1 with verified 
solutions 
When an investor uses the equity method to account for investments in common 
stock, the investor's share of cash dividends from the invested should be recorded 
as - answerA deduction from the investment account. 
Which of the following does not...
Preview 1 out of 4 pages
Add to cartAdvanced Accounting test 1 with verified 
solutions 
When an investor uses the equity method to account for investments in common 
stock, the investor's share of cash dividends from the invested should be recorded 
as - answerA deduction from the investment account. 
Which of the following does not...
advanced accounting test 1 with verified 
solutions 
Which one of the following accounts would not appear in the consolidated 
financial statements at the end of the first fiscal period of the combination? 
A. Goodwill. 
B. Equipment. 
C. Investment in Subsidiary. 
D. Common Stock. 
E. Additional Pa...
Preview 3 out of 24 pages
Add to cartadvanced accounting test 1 with verified 
solutions 
Which one of the following accounts would not appear in the consolidated 
financial statements at the end of the first fiscal period of the combination? 
A. Goodwill. 
B. Equipment. 
C. Investment in Subsidiary. 
D. Common Stock. 
E. Additional Pa...
Advanced Accounting Test 1 Graded A+ 
On January 1, 2018, Jordan Inc. acquired 30% of Nico Corp. Jordan used the 
equity method to account for the investment. On January 1, 2019, Jordan sold two- 
thirds of its investment in Nico. It no longer had the ability to exercise significant 
influence over ...
Preview 2 out of 10 pages
Add to cartAdvanced Accounting Test 1 Graded A+ 
On January 1, 2018, Jordan Inc. acquired 30% of Nico Corp. Jordan used the 
equity method to account for the investment. On January 1, 2019, Jordan sold two- 
thirds of its investment in Nico. It no longer had the ability to exercise significant 
influence over ...
advanced accounting final EXAM (chp 5-7) 
What is the primary reason we defer financial statement recognition of gross 
profits on intra-entity sales for goods that remain within the consolidated entity at 
year-end? 
a. Revenues and COGS must be recognized for all intra-entity sales regardless of 
...
Preview 4 out of 31 pages
Add to cartadvanced accounting final EXAM (chp 5-7) 
What is the primary reason we defer financial statement recognition of gross 
profits on intra-entity sales for goods that remain within the consolidated entity at 
year-end? 
a. Revenues and COGS must be recognized for all intra-entity sales regardless of 
...
Advanced Accounting final exam with 
verified solutions 
In the preparation of a consolidated statement of cash flows using the indirect 
method of presenting cash flows from operating activities, the amount of the 
noncontrolling interest in consolidated income is: 
Select one: 
a. combined with th...
Preview 4 out of 32 pages
Add to cartAdvanced Accounting final exam with 
verified solutions 
In the preparation of a consolidated statement of cash flows using the indirect 
method of presenting cash flows from operating activities, the amount of the 
noncontrolling interest in consolidated income is: 
Select one: 
a. combined with th...
Advanced Accounting final exam with 
verified solutions 
An investor uses the equity method to account for an investment in common stock. 
After the date of acquisition, the equity investment account of the investor is: 
a) not affected by its share of the earnings of the investee but is decreased b...
Preview 3 out of 29 pages
Add to cartAdvanced Accounting final exam with 
verified solutions 
An investor uses the equity method to account for an investment in common stock. 
After the date of acquisition, the equity investment account of the investor is: 
a) not affected by its share of the earnings of the investee but is decreased b...
Advanced Accounting Final EXAM 100% 
SOLVED 
B) $1,247,500 - ANSWEROn January 1 of the current year, Barger Company 
buys 150,000 shares of Booker, Inc.'s common stock for $1,200,000, the book 
value of the shares. This purchase gave Barger 25% ownership in Booker and the 
ability to significantly ...
Preview 4 out of 31 pages
Add to cartAdvanced Accounting Final EXAM 100% 
SOLVED 
B) $1,247,500 - ANSWEROn January 1 of the current year, Barger Company 
buys 150,000 shares of Booker, Inc.'s common stock for $1,200,000, the book 
value of the shares. This purchase gave Barger 25% ownership in Booker and the 
ability to significantly ...
Advanced Accounting Final EXAM 100% 
solved 
A translation adjustment must be calculated and disclosed when financial 
statements of a foreign sub are translated into the parents reporting currency. How 
is this figure computed, and where is the amount reported in the financial 
statements? - ANSWER...
Preview 1 out of 3 pages
Add to cartAdvanced Accounting Final EXAM 100% 
solved 
A translation adjustment must be calculated and disclosed when financial 
statements of a foreign sub are translated into the parents reporting currency. How 
is this figure computed, and where is the amount reported in the financial 
statements? - ANSWER...
Advanced Accounting test bank with 
complete solutions graded A+ 
On consolidated financial statements, where does the parent's equity in the net 
income of the subsidiary account appear? - answerDoesn't appear on the 
consolidated financial statements 
If the parent company uses the complete equi...
Preview 2 out of 5 pages
Add to cartAdvanced Accounting test bank with 
complete solutions graded A+ 
On consolidated financial statements, where does the parent's equity in the net 
income of the subsidiary account appear? - answerDoesn't appear on the 
consolidated financial statements 
If the parent company uses the complete equi...
Advanced Accounting test bank with verified 
solutions 
Which statement regarding the structure, content, and filing requirements of Form 
10-K is incorrect? - answerThe "risk factors" section describes actual events 
that have adversely affected the company's financial health 
Which of the follo...
Preview 2 out of 5 pages
Add to cartAdvanced Accounting test bank with verified 
solutions 
Which statement regarding the structure, content, and filing requirements of Form 
10-K is incorrect? - answerThe "risk factors" section describes actual events 
that have adversely affected the company's financial health 
Which of the follo...
Advanced Accounting test bank with verified 
solutions 
In periods subsequent to an intra-entity depreciable asset transfer (at a gain), 
Consolidation Entry *TA is modified when the parent applies the equity 
method and the transfer was downstream. The modification replaces the 
adjustment t...
Preview 4 out of 77 pages
Add to cartAdvanced Accounting test bank with verified 
solutions 
In periods subsequent to an intra-entity depreciable asset transfer (at a gain), 
Consolidation Entry *TA is modified when the parent applies the equity 
method and the transfer was downstream. The modification replaces the 
adjustment t...
Advanced Accounting test bank with verified 
solutions 
A. Revenue recognition 
1. Revenue generated by lease agreements is treated by IAS 18 
2. Revenue is measured at the nominal amount of the invoice 
3. Margin on long term contract is usually recognised based on the percentage of 
completion met...
Preview 4 out of 86 pages
Add to cartAdvanced Accounting test bank with verified 
solutions 
A. Revenue recognition 
1. Revenue generated by lease agreements is treated by IAS 18 
2. Revenue is measured at the nominal amount of the invoice 
3. Margin on long term contract is usually recognised based on the percentage of 
completion met...
Advanced Accounting test bank with 
complete solutions graded A+ 
A parent owns 90% of a subsidiary. The parent provides marketing services to the 
subsidiary during 2014. The parent charged the subsidiary $1,000,000 for the 
services. The services cost the parent $700,000. Which statement is TRUE 
...
Preview 1 out of 4 pages
Add to cartAdvanced Accounting test bank with 
complete solutions graded A+ 
A parent owns 90% of a subsidiary. The parent provides marketing services to the 
subsidiary during 2014. The parent charged the subsidiary $1,000,000 for the 
services. The services cost the parent $700,000. Which statement is TRUE 
...
Advanced Accounting test bank with 
complete solutions graded A+ 
Yaro Company owns 30% of the common stock of Dew Co. and uses the equity 
method to account for the investment. During 2013, Dew reported income of 
$250,000 and paid dividends of $80,000. There is no amortization associated with 
the...
Preview 2 out of 11 pages
Add to cartAdvanced Accounting test bank with 
complete solutions graded A+ 
Yaro Company owns 30% of the common stock of Dew Co. and uses the equity 
method to account for the investment. During 2013, Dew reported income of 
$250,000 and paid dividends of $80,000. There is no amortization associated with 
the...
Advanced Accounting test bank with verified 
solutions 
A discount or premium on a forward contract is deferred and included in the 
measurement of the related foreign currency transaction if the contract is classified 
as a: - answerhedge of an identifiable foreign currency commitment 
The discount...
Preview 4 out of 37 pages
Add to cartAdvanced Accounting test bank with verified 
solutions 
A discount or premium on a forward contract is deferred and included in the 
measurement of the related foreign currency transaction if the contract is classified 
as a: - answerhedge of an identifiable foreign currency commitment 
The discount...
Advanced Accounting test bank with 
complete solutions graded A+ 
Weisman Company, a 100% owned subsidiary of Martindale Corporation, sells 
inventory to Martindale at a 20% profit on selling price. The following data are 
available pertaining to inter-company purchases by Martindale: 
Inter-company...
Preview 2 out of 7 pages
Add to cartAdvanced Accounting test bank with 
complete solutions graded A+ 
Weisman Company, a 100% owned subsidiary of Martindale Corporation, sells 
inventory to Martindale at a 20% profit on selling price. The following data are 
available pertaining to inter-company purchases by Martindale: 
Inter-company...
Advanced Accounting test bank with 
complete solutions graded A+ 
D) 900 - answerJell and Dell were partners with capital balances of $600 and 
$800 and an income sharing ratio of 2:3. They admitted Zell to a 30% interest in 
the partnership, and the total amount of goodwill credited to the original...
Preview 3 out of 27 pages
Add to cartAdvanced Accounting test bank with 
complete solutions graded A+ 
D) 900 - answerJell and Dell were partners with capital balances of $600 and 
$800 and an income sharing ratio of 2:3. They admitted Zell to a 30% interest in 
the partnership, and the total amount of goodwill credited to the original...
Advanced Accounting test bank with 
complete solutions graded A+ 
The SEC was established in 1934 to help regulate the United States securities 
market. Which of the following statements is true concerning the SEC? - 
answerthe SEC regulates only securities offered for public sale 
which of the foll...
Preview 1 out of 4 pages
Add to cartAdvanced Accounting test bank with 
complete solutions graded A+ 
The SEC was established in 1934 to help regulate the United States securities 
market. Which of the following statements is true concerning the SEC? - 
answerthe SEC regulates only securities offered for public sale 
which of the foll...
Advanced Accounting test bank with 
complete solutions graded A+ 
accounts receivable subsidiary ledger - answerA separate ledger that contains 
accounts for all charge customers; it is summarized in the Accounts Receivable 
controlling account in the general ledger. 
cash discount - answerprice red...
Preview 1 out of 2 pages
Add to cartAdvanced Accounting test bank with 
complete solutions graded A+ 
accounts receivable subsidiary ledger - answerA separate ledger that contains 
accounts for all charge customers; it is summarized in the Accounts Receivable 
controlling account in the general ledger. 
cash discount - answerprice red...
Advanced Accounting test bank with 
complete solutions graded A+ 
Define fund as the term is used in governmental accounting. - answerA fund is 
a fiscal and accounting entity with a self-balancing set of accounts recording cash 
and other financial resources, together with all related liabilities a...
Preview 4 out of 35 pages
Add to cartAdvanced Accounting test bank with 
complete solutions graded A+ 
Define fund as the term is used in governmental accounting. - answerA fund is 
a fiscal and accounting entity with a self-balancing set of accounts recording cash 
and other financial resources, together with all related liabilities a...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller Brainbarter. Stuvia facilitates payment to the seller.
No, you only buy these notes for $40.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now