ADVANCED ACCOUNTING EXAM WITH COMPLETE SOLUTIONS GRADED A+

Advanced Accounting Chapter 7 EXAM 100% SOLVED What is the cause-and-effect relationship between the revenues and the expenses of a proprietary fund? - ANSWERThe "cause and effect" relationship between the revenues and expenses of a proprietary fund refers to the fact that the expenses of the...

Advanced Accounting Chapter 7 EXAM 100% solved Why are consolidated financial statements prepared? - ANSWERfor the Parent Company's investors & creditors. Consolidated statements should reflect a faithful representation of the combined entity's financial position and results of operations, si...

Advanced Accounting Chapter 7 exam 100% solved 1. Buckette Co. owned 60% of Shuvelle Corp. and 40% of Tayle Corp., and Shuvelle owned 35% of Tayle. When Buckette prepared consolidated financial statements, it should include A. Shuvelle but not Tayle. B. Tayle but not Shuvelle. C. either Shuve...

Advanced Accounting Chapter 7 exam 100% solved A spot rate may be defined as A) The price a foreign currency can be purchased or sold today. B) The price today at which a foreign currency can be purchased or sold in the future. C) The forecasted future value of a foreign currency. D) The U.S....

Advanced Accounting Chapter 6 exam 100% solved On January 1, 2018, Riney Co. owned 80% of the common stock of Garvin Co. On that date, Garvin's stockholders' equity accounts had the following balances: The balance in Riney's Investment in Garvin Co. account was $552,000, and the noncontrolli...

Advanced Accounting Chapter 5 exam Graded A+ On November 8, 2018, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recogn...

Advanced Accounting Chapter 5 exam Graded A+ 1. Which of the following should appear in consolidated financial statements? A. All intercompany transactions properly recorded on each affiliate's books. B. Transactions between the consolidated company and outside parties. C. Transactions not acc...

Advanced Accounting Chapter 4 exam 100% solved Accounting for the Investment by the Parent - stock acquisition - answerDuring the consolidation process, the "investment" account is eliminated against the equity of the subsidiary However, the parent company must account for the "investment" ...

Advanced Accounting Chapter 5 EXAM 100% solved Cash - ANSWERWhich asset is most likely to be misused because ownership is easily transferred? Voucher system - ANSWERwhat type of system requires that no check can be issued without being authorized? voucher - ANSWERa business form used to show a...

Advanced Accounting Chapter 3 EXAM GRADED A+ equity method - ANSWERFull accrual accounting—creates a total income figure reflective of the entire combined business entity partial equity method - ANSWERCash basis accounting—easy to apply and gives a good measurement of cash flows generated b...