FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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S1: An acquirer may be able to obtain control over an entity without transferring any consideration.
S2 In preparing working paper eliminating entries on the date of acquisition, the
A. S:1 False; S2: True
B. S1: True; S2: True
C. S1: False; S2: False
D. S1: True; S2: False
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- At what point during an acquisition does the acquiring firm's shareholders stand the most to gain? a When the tender offer is first announced b In the first fiscal year following the acquisition c Directly preceding the acquisition d The shareholder never sees a significant change e Directly after the acquisitionarrow_forwardRecording Entries for Impairment-AFS Determine the amount of impairment loss (if any) to record in income under the following three separate scenarios for an AFS debt investment. In all three cases, the company does not intend to sell and does not believe it is more likely than not that it will be required to sell the investment before recovery of any unrealized loss. Assume that the company has already adjusted the AFS investments to fair value through OCI. Scenario Fair value $ Amortized cost $ Expected credit loss $ Impairment loss $ 1 216,000 $ 192,000 $ 36,000 $ 0$ 2 168,000 $ 192,000 $ 36,000 $ 24,000 $ 3 144,000 192,000 36,000 12,000 xarrow_forwardFor each of the following cate ories, state con:Cisely a transaction that will have the required ef. fect on the elements of the acc ounting iquation.' EXERCISE 2.7 Effects of Business Transactions a. Increase an asset and inerease a liability. b. Decrease an asset and decrease a liabilitv. c. Increase one asset and decrease another asset. d. Increase an asset and increase owner's eyuit e. Increase one asset, decrease another asset, and increase a liability. LO 3arrow_forward
- Question 27 In reference to the FASB disclosure requirements about a business combination in the period in which the combination occurs, which of the following is correct? Answers: A. Firms are not required to disclose the business purpose for a combination. B. Firms are not required to disclose the name of the acquired company. C. Firms are required to disclose the nature, terms and fair value of consideration transferred in a business combination. D. Firms are not required to disclose the details about step acquisitions. Question 28 Which one of the following statements is correct for an investor company? Answers: A. Under the equity method, the balance in the Investment in Osprey Co. account can be negative if the investee corporation operates at a loss. B. Under the equity method, the balance in the Investment in Osprey Co. account will increase when cash dividends are received.…arrow_forwardFlag question: Question 32 What is discontinued operation? Group of answer choices -no longer operable and fall under asset -result of the operation which has been disposed or classified by the entity as held for sale -no longer consider part of balance sheet -consider disposable and need to be calculate as part of retained earningsarrow_forwardPlease answer requirement 1 - 9arrow_forward
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