Advanced Accounting Final Exam Latest Update 2023( FULL PACK SOLUTIONS!!) COMPLETE BUNDLE

What is a basic premise of the acquisition method regarding accounting for a noncontrolling interest? - ANSWERSA subsidiary is an indivisible part of a business combination and should be included in its entirety regardless of the degree of ownership. The noncontrolling interest represents an outs...

Foreign Currency Exchange Rates - ANSWERSEstablished daily by foreign exchange brokers to match the demand for a currency with the supply of a currency. Factors that change Exchange Rates - ANSWERSLevel of inflation Balance of payments Changes in interest rate Changes in investment levels Sta...

If a business entity entered into certain related party transactions, it would be required to disclose all of the following information except - ANSWERSnature of any future transactions planned between the parties to and the terms involved. Events that occur after December 31, 2018 balance sheet ...

Major funds - ANSWERSGeneral, Proprietary, Fidiciary Alice makes cash gift with no strings to political party - ANSWERSRevenue, unrestricted contribution Which of the following are fiduciary - ANSWERSPensions, Agency Which organization has jurisdiction for private university - ANSWERSFASB ...

The number of times the accounts receivable turned over or were collected during the accounting period is called net credit sales for the period. - ANSWERSFalse Reversing entries make possible the entering of the transactions of the succeeding accounting period in a routine manner. - ANSWERSTrue ...

Statements prepared for the parent company and its subsidiaries: - ANSWERSConsolidated Statements The excess of the value implied by the purchase price over the fair value of the subsidiary's identifiable net assets: - ANSWERSGoodwill A parent owns at least 50% of a subsidiary: - ANSWERSMajor...

There are no _______ is a partnership. - ANSWERSowners. - owners = shareholders. Partnerships are owned by individuals and don't have: - ANSWERSstock to issue. Partnerships focus on: - ANSWERSequity or CAPITAL. - there is technically not any equity in a partnership. - capital = ownershi...

What is an operating segment? - ANSWERSIt is a component of a public entity that meets 3 specific characteristics. What are the 3 characteristics of an operating segment? - ANSWERS1. It engages in business activities that produce revenues and incur expenses 2. Its operating results are regular...

The terms on an invoice are 4/15, n/30. This means that a discount of 4% will be allowed if payment is made within 15 days from the date of the invoice. a discount of 15% will be allowed if payment is made with 4 days from the date of the invoice. a discount of 4% will be allowed if payment is ma...

When an investor is deemed to have "control" over an investee, GAAP requires presentation of consolidated financial statements. Which of the following would not be considered an indicator of control? - ANSWERSThe investor owns 40% of the investee's stock and the rest is owned by the investee's f...

For a hedge transaction, if the spot rate is greater than the forward rate, the foreign currency is selling at a premium in the forward market - ANSWERSFalse If the direct foreign exchange rate of the dollar versus the British Pound is E1.5, the indirect exchange rate is E.6667. - ANSWERSTrue ...

Proprietary funds are A. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens B. Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations C...