Exam (elaborations)

SOLUTIONS MANUAL for Advanced Financial Accounting, 13th Edition. By Theodore Christensen, David Cottrell and Cassy Budd _ Complete Download.

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Advanced Financial Accounting 13th Edition

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Advanced Financial Accounting 13th Edition

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Advanced Financial Accounting

Test Bank For Advanced Financial Accounting 13th Edition By Theodore Christensen, Complete Chapters 1 - 20, Verified Newest Version Test Bank For Advanced Financial Accounting 13th Edition By Theodore Christensen, Complete Chapters 1 - 20, Verified Newest Version Test Bank For Advanced Financial Ac...

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Uploaded on November 27, 2024
Number of pages 909
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Contains Questions & answers

9781260772135
theodore christensen
solutions manual for advanced financial accounting
advanced financial accounting 13th edition
13th edition by theodore christensen

Institution Advanced Financial Accounting 13th Edition
Course Advanced Financial Accounting 13th Edition

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,TEST BANK FOR t d t d

Advanced Financial Accounting 13th Edition By Theodore Christensen td td td td td td td

Chapter 1 td Intercorporate Acquisitions and Investments in Other Entities t d t d t d t d t d t d

1) Assuming no impairment in value prior to transfer, assets transferred by a parent company toa
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nother entity it has created should be recorded by the newly created entity at the assets':
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A) cost to the parent company. td td td t d

B) book value on the parent company's books at the date of transfer.
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C) fair value at the date of transfer.
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D) fair value of consideration exchanged by the newly created entity.
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Answer: B Diffic t d td

ulty: 1 Easy td dt

Topic: Internal Expansion: Creating a Business Entity; Valuation of Business Entities Learning O
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bjective: 01-
01 Understand and explain the reasons for and different methods of business expansion, the types
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of organizational structures, and the types of acquisitions.; 01-
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03 Make calculations and prepare journal entries for the creation of a business entity.
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Bloom's:
Remember AACSB: td

tReflective Thinking AICPA:
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FN Decision Making td t d

2) Given the increased development of complex business structures, which of the followingregul
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ators is responsible for the continued usefulness of accounting reports?
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A) Securities and Exchange Commission (SEC) t d t d t d t d

B) Public Company Accounting Oversight Board (PCAOB) t d t d t d t d t d

C) Financial Accounting Standards Board (FASB) t d t d t d t d

D) All of the other answers are correct
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Answer: D Diffic t d td

ulty: 1 Easy td dt

Topic: An Introduction to Complex Business Structures td t d t d t d t d

Learning Objective: 01- dt

01 Understand and explain the reasons for and different methods ofbusiness expansion, the types
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of organizational structures, and the types of acquisitions.
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Bloom's:
Remember AACSB: td

tReflective Thinking AICPA:
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FN Reporting td

3) A business combination in which the acquired company's assets and liabilities are combinedwith t
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hose of the acquiring company into a single entity is defined as:
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A) Stock acquisition td

B) Leveraged buyout td

C) Statutory Merger td

,D) Reverse statutory rollup
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, Answer: C Diffic t d td

ulty: 1 Easy td dt

Topic: Organizational Structure and Financial Reporting t d t d t d t d

Learning Objective: 01- dt

04 Understand and explain the differences between different forms ofbusiness combinations.
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Bloom's:
Remember AACSB: td

tReflective Thinking AICPA:
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FN Decision Making td t d

4) In which of the following situations do accounting standards not require that the financials
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tatements ofthe parent and subsidiary be consolidated? td td td td td td td

A) A corporation creates a new 100 percent owned subsidiary
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B) A corporation purchases 90 percent of the voting stock of another company
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C) A corporation has both control and majority ownership of an unincorporated company
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D) A corporation owns less-than a controlling interest in an unincorporated company
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Answer: D Diffic t d td

ulty: 1 Easy td dt

Topic: Organizational Structure and Financial Reporting t d t d t d t d

Learning Objective: 01- dt

01 Understand and explain the reasons for and different methods ofbusiness expansion, the types o
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f organizational structures, and the types of acquisitions.
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Bloom's:
Remember AACSB: td

t Reflective Thinking AICPA:
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FN Decision Making td t d

During its inception, Devon Company purchased land for $100,000 and a building for $180,000. After
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exactly 3 years, it transferred these assets and cash of $50,000 to a newly created subsidiary,Regan Com
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pany, in exchange for 15,000 shares of Regan's $10 par value stock. Devon uses straight-
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line depreciation. Useful life for the building is 30 years, with zero residual value. An appraisal reve
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aled that the building has a fair value of $200,000.
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5) Based on the information provided, at the time of the transfer, Regan Company should record:
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A) Building at $180,000 and no accumulated depreciation. t d t d t d t d t d t d

B) Building at $162,000 and no accumulated depreciation. t d t d t d t d t d t d

C) Building at $200,000 and accumulated depreciation of $24,000. t d t d t d t d t d t d td

D) Building at $180,000 and accumulated depreciation of $18,000. t d t d t d t d t d t d t d

Answer: D Difficulty td td td

: 2 Medium
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Topic:
Valuation of Business Entities; Accounting for Internal Expansion: Creating Business t d t d t d t d t d t d t d t d t d td

Entities
Learning Objective: 01- dt

04 Understand and explain the differences between different forms of business combinations.; 01-
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03 Make calculations and prepare journal entries for the creation of a business entity.
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Bloom's:
Understand AACSB td

: Analytical Thinking AICPA:
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Exam (elaborations)

SOLUTIONS MANUAL for Advanced Financial Accounting, 13th Edition. By Theodore Christensen, David Cottrell and Cassy Budd _ Complete Download.

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