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ACCT 303 Exam -1 Multiple Choice Questions with complete solutions 2024_2025
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ACCT 303 Exam -1 Multiple Choice Questions with complete solutions 2024_2025
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ACCT 303 Exam #1 Multiple ChoiceQuestions with complete solutions
2024/2025
d - ANSWER-When does gain recognition accompany a business combination?
a. In an acquisition when the value of all assets and liabilities cannot be
determined.
b. In a combination created in the middle of a fiscal year.
c. When the amount of a bargain purchase exceeds the value of the applicable
noncurrent assets (other than certain exceptions) held by the acquired company.
d. When a bargain purchase occurs.
a - ANSWER-According to the acquisition method of accounting for business
combinations, costs paid to attorneys and accountants for services in arranging
a merger should be:
a. Recorded as an expense in the period the merger takes place.
b. included in recognized goodwill.
c. Written off over a five-year maximum useful life.
d. Capitalized as part of the overall fair value acquired in the merger.
c - ANSWER-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 Paid-In Capital
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