ADVANCED ACCOUNTING REAL DEAL EXAM PACKAGE WITH VERIFIED SOLUTIONS GRADED A+

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...

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...

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...

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...

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...

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...

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...

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 ...

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 ...

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...

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...

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 ...

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...

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...

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...

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...

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...

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 ...

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...

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...

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...

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...

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...

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...

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...