Exam (elaborations)

Exam (elaborations) TEST BANK Advanced Accounting Part 2 ZEUS VERNON B. MILLAN 2015 Edition

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Chamberlian School Of Nursing

Chapter 13: Multiple Choice – Computational (For classroom instruction purposes) Measuring goodwill / gain on bargain purchase Use the following information for the next two questions: Fact pattern On January 1, 20x1, DIMINUTIVE Co. acquired all of the assets and assumed all of the liabilitie...

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TEST BANK Advanced Accounting Part 2 ZEUS VERNON B. MILLAN ii ALL RIGHTS RESERVED 2015 No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means - electronic or mechanical, including photocopying – without the written permission of the author. ISBN 978 -621 -95096 -5-7 Published by: BANDOLIN ENTERPRISE No. 100 Montebello Village, Bakakeng Sur, Baguio City 2600, Philippines iii TABLE OF CONTENTS CHAPTER 13 BUSINESS COMBINATION S (PART 1) ................................ ..... 1 OVERVIEW ON THE TOPIC ........... ERROR ! BOOKMARK NOT DEFINED . INTRODUCTION ............................ ERROR ! BOOKMARK NOT DEFINED . OBJECTIVE ................................ .... ERROR ! BOOKMARK NOT DEFINED . SCOPE ................................ ........... ERROR ! BOOKMARK NOT DEFINED . DEFINITION OF BUSINES S COMBINATION ERROR ! BOOKMARK NOT DEFINED . Essential elements in the definition of a business combination Error! Bookmark not defined. ACCOUNTING FOR BUSINE SS COMBINATIO NERROR ! BOOKMARK NOT DEFINED . IDENTIFYING THE ACQUI RER ...... ERROR ! BOOKMARK NOT DEFINED . DETERMINING THE ACQUI SITION DATE ERROR ! BOOKMARK NOT DEFINED . RECOGNIZING AND MEASU RING GOODWILL ERROR ! BOOKMARK NOT DEFINED . Consideration transferred Error! Bookmark not defined. Non -controlling interest ... Error! Bookmark not defined. Previously held equity interest in the acquiree Error! Bookmark not def ined. Net identifiable assets acquired Error! Bookmark not defined. RESTRUCTURING PROVISI ONS .... ERROR ! BOOKMARK NOT DEFINED . SPECIFIC RECOGNITION PRINCIPLES ERROR ! BOOKMARK NOT DEFINED . 1. Operating leases .......... Error! Bookmark not defined. 2. Intangible assets .......... Error! Bookmark not defined. EXCEPTION TO THE RECO GNITION PRINCIPLE – CONTINGENT LIABILITIE S ERROR ! BOOKMARK NOT DEFINED . EXCEPTIONS TO BOTH TH E RECOGNITION AND ME ASUREMENT PRINCIPLES ERROR ! BOOKMARK NOT DEFINED . Additional concept s on Consideration transferred Error! Bookmark not defined. EXCEPTIONS TO THE MEA SUREMENT PRINCIPLE ERROR ! BOOKMARK NOT DEFINED . CHAPTER 13: SUMMARY ............ ERROR ! BOOKMARK NOT DEFINED . CHAPTER 13: MULTIPLE CHOICE – THEORY (FOR CLASSROOM INSTRUC TION PURPOSES ) ................................ ....................... ERROR ! BOOKMARK NOT DEFINED . CHAPTER 13: MULTIPLE CHOICE – COMPUTATIONAL (FOR CLASSROOM INSTRUC TION PURPOSES ) ................................ ................................ ................................ 1 CHAPTER 13: EXERCISES (FOR CLASSROOM INSTRUC TION PURPOSES ) ERROR ! BOOKMARK NOT DEFINED . CHAPTER 14 BUSINESS COMBINATION S (PART 2) ................................ ..... 8 SHARE -FOR-SHARE EXCHANGES ERROR ! BOOKMARK NOT DEFINED . BUSINESS COMBINATION ACHIEVED IN STAGES ERROR ! BOOKMARK NOT DEFINED . BUSINESS COMBINATION ACHIEVED WITHOUT TRA NSFER OF CONSIDERATI ON ERROR ! BOOKMARK NOT DEFINED . MEASUREMENT PERIOD .............. ERROR ! BOOKMARK NOT DEFINED . DETERMINING WHAT IS P ART OF THE BUSINESS COMBINATION TRANSACT ION ERROR ! BOOKMARK NOT DEFINED . Reacquired rights ................ Error! Bookmark not defined. Settlement of pre -existing relationships between the acquirer and acquiree ................................ ..................... Error! Bookmark not defined. SUBSEQUENT MEASUREMEN T AND ACCOUNTING ERROR ! BOOKMARK NOT DEFINED . DISCLOSURES ............................... ERROR ! BOOKMARK NOT DEFINED . CHAPTER 14: SUMM ARY ............ ERROR ! BOOKMARK NOT DEFINED . CHAPTER 14: MULTIPLE CHOICE – THEORY (FOR CLASSROOM INSTRUC TION PURPOSES ) ................................ ....................... ERROR ! BOOKMARK NOT DEFINED . iv CHAPTER 14: MULTIPLE CHOICE – COMPUTATIONAL (FOR CLASSROOM INSTRUC TION PURPOSES ) ................................ ................................ ................................ 8 CHAPTER 14: EXERCISES (FOR CLASSROOM INSTRUC TION PURPOSES ) ERROR ! BOOKMARK NOT DEFINED . CHAPTER 15 BUSINESS COMBINATION S (PART 3) ................................ ... 16 SPECIAL ACCOUNTING TO PICS FOR BUSINESS CO MBINATION ERROR ! BOOKMARK NOT DEFINED . GOODWILL ................................ ... ERROR ! BOOKMARK NOT DEFINED . Due diligence ......................... Error! Bookmark not defined. Methods of estimating goodwill Error! Bookmark not defined. REVERSE ACQUISITIONS .............. ERROR ! BOOKMARK NOT DEFINED . COMBINATION OF MUTUAL ENTITIES ERROR ! BOOKMARK NOT DEFINED . CHAPTER 15: SUMMARY ............ ERROR ! BOOKMARK NOT DEFINED . CHAPTER 15: MULTIPLE CHOICE – THEORY (FOR CLASSROOM INSTRUC TION PURPOSES ) ................................ ....................... ERROR ! BOOKMARK NOT DEFINED . CHAPTER 15: MULTIPLE CHOICE – COMPUTATIONAL (FOR CLASSROOM INSTRUC TION PURPOSES ) ................................ ................................ ............................. 16 CHAPTER 15: EXERCISES (FOR CLASSROOM INSTRUC TION PURPOSES ) ERROR ! BOOKMARK NOT DEFINED . CHAPTER 15: THEORY OF ACCOUNTS REVIE WER ............................. 19 CHAPTER 15 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS Q UESTIONS 25 CHAPTER 16 CONSOLIDATED FINANCI AL STATEMENTS (PART 1) .... 26 OVERVIEW ON THE TOPIC ........... ERROR ! BOOKMARK NOT DEFINED . SCOPE ................................ ........... ERROR ! BOOKMARK NOT DEFINED . CONTROL ................................ ...... ERROR ! BOOKMARK NOT DEFINE D. POWER ................................ ......... ERROR ! BOOKMARK NOT DEFINED . Administrative rights ......... Error! Bookmark not defined. Unilateral rights ................... Error! Bookmark not defined. Protective rights ................... Error! Bookmark not defined. Substantive rights ............... Error! Bookmark not defined. Voting rights .......................... Error! Bookmark not defined. Substantive removal and other rights held by other parties Error! Bookmark not defined. EXPOSURE OR RIGHTS TO VARIABLE RETURNS ERROR ! BOOKMARK NOT DEFINED . ABILITY TO USE ITS PO WER TO AFFECT INVEST OR’S RETURNS ERROR ! BOOKMARK NOT DEFINED . ACCOUNTING REQUIREMEN TS .... ERROR! BOOKMARK NOT DEFINED . Uniform accounting policies Error! Bookmark not defined. Reporting date ...................... Error! Bookmark not defined. Consolidatio n period .......... Error! Bookmark not defined. Measurement ......................... Error! Bookmark not defined. NON-CONTROLLING INTEREST S (NCI) ERROR ! BOOKMARK NOT DEFINED . PREPARING THE CONSOLIDATED FINANCIA L STATEMENTS ERROR ! BOOKMARK NOT DEFINED . CONSOLIDATION AT DATE OF ACQUISITION ERROR ! BOOKMARK NOT DEFINED . CONSOLIDATION SUBSEQU ENT TO DATE OF ACQUI SITION ERROR ! BOOKMARK NOT DEFINED . Step 1: Analysis of effects of intercompany transaction Error! Bookmark not defined. Step 2: Analysis of net assets Error! Bookmark not defined. Step 3: Goodwill computation Error! Bookmark not defined. Step 4: Non -controlling interest in net assets Error! Bookmark not defined. Step 5: Consolidated retained earnings Error! Bookmark not defined. Step 6: Consolidated profit or loss Error! Bookmark not defined.

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