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Acc 407 week 2 quiz

1.

Question :

 Given the increased development of complex business
structures, which of the following regulators is responsible for
the continued usefulness of accounting reports?

2.

Question :

FASB 141R (ASC 805) requires contingent consideration in a
business combination to be classified as:

3.

Question :

Which of the following observations concerning “goodwill” is NOT
correct?

 

4.

Question :

Burrough Corporation paid $80,000 to acquire all of Helyar
Company’s net assets. Helyar reported assets with a book value of
$60,000 and fair value of $98,000 and liabilities with a book value
and fair value of $23,000 on the date of combination. Burrough also
paid $3,000 to a search firm for finder’s fees related to the
acquisition. What amount will be recorded as goodwill by Burrough
Corporation while recording its investment in Helyar?

5.

Question :

The fair value of net identifiable assets of a reporting unit of
Y Company is $270,000. The carrying value of the reporting unit’s
net assets on Y Company’s books is $320,000, including $50,000
goodwill. If the reported goodwill impairment for the unit is
$10,000, what would be the fair value of the reporting unit?

6.

Question :

Big Company acquired the following assets and liabilities of
Little Company (fair values listed below) for $470,000 cash.
 Inventory                                
$70,000

 Land                                     
$100,000
Buildings and Equipment      
$320,000
Current
Liabilities                 
$50,000

Assuming these items are all recorded at their acquisition date
fair values, what additional item needs to be recorded and how will
it be accounted for in the future?

 

 

 

 7.

Question :

If Push Company owned 51 percent of the outstanding common stock
of Shove Company, which reporting method would be appropriate?

8.

Question :

The fair value of net identifiable assets of a reporting unit of
X Company is $300,000. On X Company’s books, the carrying value of
this reporting unit’s net assets is $350,000, including $60,000
goodwill. If the fair value of the reporting unit is subsequently
$335,000, what amount of goodwill impairment will be recognized for
this unit?

 9.

Question :

A business combination in which the acquired company’s assets
and liabilities are combined with those of the acquiring company
into a single entity is defined as:

10.

Question :

In which of the following situations do accounting standards not
require that the financial statements of the parent and subsidiary
be consolidated?

 

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