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ACC 440 Final Exam

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ACC 440 Final Exam

1) Under the cost method of accounting for a stock investment, the differential

2) Accounting for investments depends in part to the level of influence or control. What method is generally tied to influence deemed to be insignificant?

3) Which of the following observations is consistent with the equity method of accounting?

4) On January 1, 2007, Yang Corporation acquired 25 % of the outstanding shares of Spiel Corporation for $100,000 cash. Spiel Company reported net income of $75,000 and paid dividends of $30,000 for both 2007 and 2008. The fair value of shares held by Yang was $110,000 and $105,000 on December 31, 2007 and 2008, respectively.

5) On January 1, 2007, Yang Corporation acquired 25 % of the outstanding shares of Spiel Corporation for $100,000 cash. Spiel Company reported net income of $75,000 and paid dividends of $30,000 for both 2007 and 2008.

6) Bista Corporation declares and distributes a cash dividend that is a result of current earnings. How will the receipt of those dividends affect the investment account of the investor under each of the following accounting methods?

7) The primary role of the International Accounting Standards Board (IASB) is to

8) Which of the following statements about the International Accounting Standards Board (IASB) is accurate?

9) The Securities and Exchange Commission is working prospectively towards requiring public companies in the United States to complete their financial statements in accordance with

10) On December 5, 2008, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR), to be paid on January 10, 2009. The transaction is denominated in Saudi riyals.

11). On September 3, 2008, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The transaction is denominated in Swiss francs (SFr). The payment is made on October 10. The exchange rates were September 3: 1 Swiss franc = $.85 October 10: 1 Swiss franc = $.90

12) On March 1, 2008, Wilson Corporation sold goods for a U.S. dollar equivalent of $31,000 to a Thai company. The transaction is denominated in Thai bahts. The payment is received on May 10.

13) If the U.S. dollar is the currency in which the foreign affiliate's books and records are maintained, and the U.S. dollar is also the functional currency,

15) When the local currency of the foreign subsidiary is the functional currency, a foreign subsidiary's inventory carried at cost would be converted to U.S. dollars by A. translation using historical exchange rates

16) On January 3, 2009, Jane Company acquired 75 % of Miller Company's outstanding common stock for cash. The fair value of the no controlling interest was equal to a proportionate share of the book value of

17) Beta Company acquired 100 % of the voting common shares of Standard Video Corporation, its bitter rival, by issuing bonds with a par value and fair value of $150,000. Immediately prior to the acquisition, acc 440 final exam.

18) Beta Company acquired 100 % of the voting common shares of Standard Video Corporation, its bitter rival, by issuing bonds with a par value and fair value of $150,000.

19) West, Inc. holds 100 % of the common stock of Coast Company, an investment acquired for $680,000. Immediately following the combination, West's net assets have a book value of $1,150,000 and a fair value of $1,390,000.

20) West, Inc. holds 100 % of the common stock of Coast Company, an investment acquired for $680,000. Immediately following the combination, West's net assets have a book value of $1,150,000 and a fair value of $1,390,000.

21) West, Inc. holds 100 % of the common stock of Coast Company, an investment acquired for $680,000. Immediately following the combination, West's net assets have a book value of $1,150,000 and a fair value of $1,390,000.

22) Elvis Company purchases inventory for $70,000 on March 19, 2008, and sells it to Graceland Corporation for $95,000 on May 14, 2008.

23) ABC Corporation owns 75 % of XYZ Company's voting shares. During 2008, ABC produced 50,000 chairs at a cost of $79 each and sold 35,000 chairs to XYZ for $90 each.

24) On December 31, 2008, Melkor Corporation acquired 80 % of Sydney Company's common stock for $160,000. At that date, the fair value of the no controlling interest was $40,000. Of the $75,000 differential,

26) Bristle Corporation acquired 75 % of Silver Corporation's common stock on December 31, 2008, for $300,000. The fair value of the no controlling interest at that date was determined to be $100,000.

27) On January 1, 2008, Wilhelm Corporation acquired 90 % of Kaiser Company's voting stock, at underlying book value. The fair value of the no controlling interest was equal to 10 % of the book value of Kaiser at that date.

28) ABC Corporation purchased land on January 1, 2006, for $50,000. On July 15, 2008, it sold the land to its subsidiary, XYZ Corporation, for $70,000. ABC owns 80 % of XYZ's voting shares.

29) Sky Corporation owns 75 % of Earth Company's stock. On July 1, 2008, Sky sold a building to Earth for $33,000. Sky had purchased this building on January 1, 2006, for $36,000.

30) Sky Corporation owns 75 % of Earth Company's stock. On July 1, 2008, Sky sold a building to Earth for $33,000. Sky had purchased this building on January 1, 2006, for $36,000.

ACC 440 Final Exam 1) Under the cost method of accounting for a stock investment, the differential 2) Accounting for investments depends in part to the level of influence or control. What method is generally tied to influence deemed to be insignifi
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