Test Bank for Fundamentals of advanced accounting 17th edition by Joe Ben Hoyle Chapters 1-12 Covered

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PackagehTitle:hTesthBankhQuestionshCours
ehTitle:hAdvancedhAccounting,h6ehChapterh
Number:h2


QuestionhType:hMultiplehChoice


1) SFASh141Rhrequireshthathallhbusinesshcombinationshbehaccountedhforhusing:

a) thehpoolinghofhinterestshmethod.
b) thehacquisitionhmethod.
c) eitherhthehacquisitionhorhthehpoolinghofhinterestshmethods.
d) neitherhthehacquisitionhnorhthehpoolinghofhinterestshmethods.

Answer:hb

QuestionhTitle:hTesthBankh(MultiplehChoice)hQuestionh01h
Difficulty:hEasy
LearninghObjective:h1hDescribehthehmajorhchangeshinhthehaccountinghforhbusinesshcombinationshpass
edhbyhthehFASBhinhDecemberh2007,handhthehreasonshforhthosehchanges.
SectionhReference:h2.1


2) Underhthehacquisitionhmethod,hifhthehfairhvalueshofhidentifiablehnethassetshexceedhthehvaluehi
mpliedhbyhthehpurchasehpricehofhthehacquiredhcompany,hthehexcesshshouldhbe:

a) accountedhforhashgoodwill.
b) allocatedhtohreducehcurrenthandhlong-livedhassets.
c) allocatedhtohreducehcurrenthassetshandhclassifyhanyhremainderhashanhextraordinaryhgain.
d) allocatedhtohreducehanyhpreviouslyhrecordedhgoodwillhonhthehseller’shbookshandhclassifyhanyhr
emainderhashanhordinaryhgain.

Answer:hd

QuestionhTitle:hTesthBankh(MultiplehChoice)hQuestionh02h
Difficulty:hEasy
LearninghObjective:h6hDescribehthehvaluationhofhassets,hincludinghgoodwill,handhliabilitieshacquiredhi
nhahbusinesshcombinationhaccountedhforhbyhthehacquisitionhmethod.
SectionhReference:h2.3


3) Inhahperiodhinhwhichhanhimpairmenthlosshoccurs,hSFAShNo.h142hrequiresheachhofhthehfollowinghn
otehdisclosureshEXCEPT:

a) ahdescriptionhofhthehfactshandhcircumstanceshleadinghtohthehimpairment.




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b) thehamounthofhgoodwillhbyhreportinghsegment.
c) thehmethodhofhdetermininghthehfairhvaluehofhthehreportinghunit.
d) thehamountshofhanyhadjustmentshmadehtohimpairmenthestimateshfromhearlierhperiods,hifhs
ignificant.

Answer:hb

QuestionhTitle:hTesthBankh(MultiplehChoice)hQuestionh03h
Difficulty:hEasy
LearninghObjective:h3hDiscusshthehgoodwillhimpairmenthtest,hincludinghitshfrequency,hthehstepshlaidho
uthinhthehnewhstandard,handhsomehofhthehimplementationhproblems.
SectionhReference:h2.1


4) Oncehahreportinghunithishdeterminedhtohhavehahfairhvaluehbelowhitshcarryinghvalue,hthehgoodwillhi
mpairmenthlosshishcomputedhbyhcomparinghthe:

a) fairhvaluehofhthehreportinghunithandhthehfairhvaluehofhthehidentifiablehnethassets.
b) carryinghvaluehofhthehgoodwillhtohitshimpliedhfairhvalue.
c) fairhvaluehofhthehreportinghunithtohitshcarryinghamounth(goodwillhincluded).
d) carryinghvaluehofhthehreportinghunithtohthehfairhvaluehofhthehidentifiablehnethassets.

Answer:hb

QuestionhTitle:hTesthBankh(MultiplehChoice)hQuestionh04h
Difficulty:hMedium
LearninghObjective:h3hDiscusshthehgoodwillhimpairmenthtest,hincludinghitshfrequency,hthehstepshlaidhou
thinhthehnewhstandard,handhsomehofhthehimplementationhproblems.
SectionhReference:h2.1


5) SFASh141Rhrequireshthaththehacquirerhdiscloseheachhofhthehfollowinghforheachhmaterialhbusinesshc
ombinationhEXCEPThthe:

a) namehandhahdescriptionhofhthehacquireehacquired.
b) percentagehofhvotinghequityhinstrumentshacquired.
c) fairhvaluehofhthehconsiderationhtransferred.
d) eachhofhthehabovehishahrequiredhdisclosureh

Answer:hd

QuestionhTitle:hTesthBankh(MultiplehChoice)hQuestionh05h
Difficulty:hEasy
LearninghObjective:h9hDescribehthehdisclosurehrequirementshaccordinghtohcurrenthGAAPhrelatedhtohea
chhbusinesshcombinationhthathtakeshplacehduringhahgivenhyear.
SectionhReference:h2.1




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6) Inhahleveragedhbuyout,hthehportionhofhthehnethassetshofhthehnewhcorporationhprovidedhbyhtheh
managementhgrouphishrecordedhat:

a) appraisalhvalue.
b) bookhvalue.
c) fairhvalue.
d) lowerhofhcosthorhmarket.

Answer:hb

QuestionhTitle:hTesthBankh(MultiplehChoice)hQuestionh06h
Difficulty:hMedium
LearninghObjective:h8hDescribehahleveragedhbuyout.hSectio
nhReference:h2.6


7) Whenhthehacquisitionhpricehofhanhacquiredhfirmhishlesshthanhthehfairhvaluehofhthehidentifiablehnetha
ssets,hallhofhthehfollowingharehrecordedhathfairhvaluehEXCEPT:

a) Assumedhliabilities.
b) Currenthassets.
c) Long-livedhassets.
d) Eachhofhthesehishrecordedhathfairhvalue.

Answer:hd

QuestionhTitle:hTesthBankh(MultiplehChoice)hQuestionh07h
Difficulty:hEasy
LearninghObjective:h6hDescribehthehvaluationhofhassets,hincludinghgoodwill,handhliabilitieshacquiredhi
nhahbusinesshcombinationhaccountedhforhbyhthehacquisitionhmethod.
SectionhReference:h2.3


8) UnderhSFASh141R:

a) bothhdirecthandhindirecthcostsharehtohbehcapitalized.
b) bothhdirecthandhindirecthcostsharehtohbehexpensed.
c) directhcostsharehtohbehcapitalizedhandhindirecthcostsharehtohbehexpensed.
d) indirecthcostsharehtohbehcapitalizedhandhdirecthcostsharehtohbehexpensed.

Answer:hb

QuestionhTitle:hTesthBankh(MultiplehChoice)hQuestionh08h
Difficulty:hEasy




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