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Test Bank for Modern Advanced Accounting in Canada, 8th Edition by Murray W. Hilton & Darrell Herauf | |Verified Rationalized Answers, 100% Passing Score Guarantee | LATEST$15.89
Test Bank for Modern Advanced Accounting in Canada, 8th Edition by Murray W. Hilton & Darrell Herauf | |Verified Rationalized Answers, 100% Passing Score Guarantee | LATEST
Test Bank for Modern Advanced Accounting in Canada, 8th Edition by Murray W. Hilton & Darrell Herauf | |Verified Rationalized Answers, 100% Passing Score Guarantee | LATEST
,DOWNLOAD THE Test Bank for Modern Advanced Accounting in Canada 8th Editio
g g g g g g g g g g g
n Hilton g
MULTIPLEgCHOICE.g Chooseg theg oneg alternativeg thatg bestg completesg theg statementg org answersg theg question.
1) WhichgofgthegfollowinggtypesgofgshareginvestmentgdoesgNOTgqualifygasgagstrategicginvestment?
A) Controlledginvestments. B)g JointgControlginvestments.
C)gInvestmentsgwithoutgsignificantginfluence. D)gSignificantginfluenceginvestments.
Answer:g C
2) Agsignificantginfluenceginvestmentgisgonegthat:
A) allowsgtheginvestorgtogexercisegsignificantginfluencegovergthegstrategicgandgoperatinggpoliciesgofgt
hegAssociate.
B) allowsgtheginvestorgtogexercisegsignificantginfluencegovergthegstrategicgoperatinggandgfinancingg
policiesgofgthegAssociate.
C) allowsgtheginvestorgtogexercisegsignificantginfluencegovergonlygthegoperatinggpoliciesgofgtheg
Associate.
D) allowsgtheginvestorgtogexercisegsignificantginfluencegovergonlygthegfinancinggpoliciesgofgtheg
Associate.
Answer:g B
3) Whatgisgthegdominantgfactorgusedgtogdistinguishgportfolioginvestmentsgfromgsignificantginfluencegi
nvestments?
A) Thegpercentagegofgequitygheldgbygtheginvestor.
B) UsegofgthegEquitygMethodgtogaccountgforgandgreportgtheginvestment.
C) Theginvestor'sgintentiongtogestablishgorgmaintaingaglong-
termgoperatinggrelationshipgwithgtheginvestee.
D) UsegofgthegCostgMethodgtogaccountgforgandgreportgtheginvestment.
Answer:g C
4) WhichgofgthegfollowinggstatementsgisgTRUEgundergIFRSg9?
A) OthergComprehensivegIncomeg(OCI)gisgincludedgingRetainedgEarnings.
B) UnrealizedggainsgandglossesgongequityginvestmentsgmaygbegincludedgingOthergComprehensivegI
ncomeg(OCI)gonlygifgagdecisiongtogdogsogisgmadegwhengtheginvestmentgisgacquired.
C) AllgunrealizedggainsgandglossesgongequityginvestmentsgflowgthroughgOthergComprehensivegI
ncomeg(OCI).
D) Unrealizedggainsgandglossesgongfairgvaluegthroughgprofitgandglossg(FVTPL)gsecuritiesgaregi
ncludedgingOthergComprehensivegIncome.
Answer:g B
5) Gainsgandglossesgongfairgvaluegthroughgprofitgorglossg(FVTPL)gsecurities:
A) aregincludedgingnetgincomegonlygwhengrealized.
B) aregnevergrecordedguntilgthegsecuritiesgaregsold.
C) aregincludedgingnetgincome,gregardlessgofgwhethergtheygaregrealizedgorgnot.
D) aregincludedgingnetgincomegonlygwhengtheginvestmentghasgbecomegpermanentlygimpaired.
Answer:g C
1
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,DOWNLOAD THE Test Bank for Modern Advanced Accounting in Canada 8th Editio
g g g g g g g g g g g
n Hilton g
6) HowgaregrealizedggainsgfromgthegsalegofginvestmentsgaccountedgforgatgfairgvaluegthroughgOtherg
ComprehensivegIncomeg(FVTOCI)gaccountedgforgundergIFRSg9?
A) TheygaregtransferredgtogRetainedgEarningsgwithoutggoinggthroughgnetgincome.
B) Theygaregtransferredgtognetgincomegingthegperiodgofgthegsale.
C) TheygremaingingAccumulatedgOthergComprehensivegIncome.
D) TheygaregtransferredgtogContributedgSurplus.
Answer:g A
7) Whengusinggthegcostgmethodgofgaccounting,gwhichgmethodgshouldgbegusedgtogdeterminegthegcarryinggv
aluegofgsharesgsoldgwhengagportiongofgthegsharesgmakinggupganginvestmentgisgsold?
A) Specificgcost. B)g Lastgin,gfirstgout. C)gAveragegcost. D)gFirstgin,gfirstgout.
Answer:g C
8) Whatgpercentagegofgownershipgisgusedgasgagguidelinegtogdeterminegthatgsignificantginfluencegexistsgu
ndergIASg28gInvestmentsgingAssociatesgandgJointgVentures?
A) 20%gorgmore. B)g Betweeng20%gandg50%.
C) 25%gorgmore. D)gLessgthang20%.
Answer:g B
9) Whichgofgthegfollowinggmethodsgusesgproceduresgclosestgtogthosegusedgingpreparinggconsolidatedgf
inancialgstatements?
A) Fairgvaluegthroughgprofitgorglossg(FVTPL).
B) Thegequitygmethod.
C) Fairgvaluegthroughgothergcomprehensivegincome.
D) Thegcostgmethod.
Answer:g B
10) WhichgofgthegfollowinggisgNOTgagpossiblegindicatorgofgsignificantginfluence?
A) ThegAssociate'sgnewgCEOgwasgpreviouslygCEOgofgtheginvestorgcompany.
B) TheginvestorghasgthegabilitygtogelectgmembersgtogthegBoardgofgDirectors.
C) TheginvestorghasgengagedgingnumerousgintercompanygtransactionsgwithgthegAssociate.
D) Theginvestorghasgthegrightgtogparticipategingthegpolicy-makinggprocess.
Answer:g A
11) WhichgofgthegfollowinggstatementsgisgCORRECT?
A) Angownershipginterestgbetweeng0gandg10%gcangnevergimplygsignificantginfluence.
B) Angownershipginterestgbetweeng20%gandg50%galwaysgimpliesgsignificantginfluence.
C) SignificantginfluencegisgstillgpossiblegifgthegInvestorgownsglessgthang20%gofgthegvotinggsharesgofgt
hegAssociate.
D) ControlgisgonlygpossiblegifgthegInvestorgownsgmoregthang50%gofgthegvotinggsharesgofgtheg
Associate.
Answer:g C
2
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, DOWNLOAD THE Test Bank for Modern Advanced Accounting in Canada 8th Editio
g g g g g g g g g g g
n Hilton g
12) Thegdifferencegbetweengtheginvestor'sgcostgandgtheginvestor'sgpercentagegofgthegcarryinggvaluegofgthegn
etgidentifiablegassetsgofgthegassociategisgknowngas:
A) thegAcquisitiongDifferential. B)g Goodwill.
C) thegExcessgBookgValue. D)gthegFairgValuegIncrement.
Answer:g A
13) Anygunallocatedgpositivegacquisitiongdifferentialgisgnormally:
A) expensedgduringgthegyeargfollowinggthegacquisition.
B) chargedgtogRetainedgEarnings.
C) pro-ratedgacrossgthegAssociate'sgidentifiablegnetgassets.
D) recordedgasgGoodwill.
Answer:g D
14) Whengareggainsgongintercompanygtransfersgofgassetsgbetweenganginvestorgandgagsignificantginfluencegin
vestmentgrecognizedgasgpartgofgtheginvestmentgincomegaccountedgforgbygthegparentgundergthegequitygme
thod?
A) Theygaregnevergrecognized.
B) Ingthegperiod(s)gwhengthegassetsgaregsoldgtogthirdgpartiesgorgconsumed.
C) Ingthegperiodgwhengthegintercompanygtransfergtakesgplace.
D) Theygaregrecognizedgonlygwhengtheginvestmentgisgsold.
Answer:g B
15) Theg
investmentgmustgbegshowngasgagcurrentgasset,gwhereasgthegotherginvestmentsgcouldgbegc
g
urrentgorgnon-current,gdependinggongmanagement'sgintention.
A) FVTPL B)g costgmethod C)g FVTOCI D)gequitygmethod
Answer:g A
A) completelygdifferent
B) exactlygthegsame
C) almostgsimilargexceptgforgthegfairgvaluegmethods
D) almostgsimilargexceptgforgthegequitygmethod
Answer:g B
17) ReportingingaccordancegwithgthegAccountinggStandardsgforgPrivategEnterprisesg(ASPE)gisgpermittedgi
ngcertainginstancesgfor:
A) allgCanadiangcompanies.
B) privatelygheldgcompanies.
C) publiclygheldgcompanies.
D) Canadiangcompaniesgconsolidatinggtheirgforeigngsubsidiaries.
Answer:g B
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