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
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...
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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