Accounting for Business Combinations
Review Questions
Course Introduction
Accounting for Business Combinations explores the principles, standards, and procedures related to the accounting treatment of mergers, acquisitions, and group structures. Students will learn how to analyze and record the financial effects of business combinations, understand the application of relevant international and local accounting standards (such as IFRS 3 and ASC 805), and prepare consolidated financial statements. The course covers topics such as the identification of acquirers, calculation and allocation of purchase consideration, recognition of goodwill and non-controlling interests, and elimination of intercompany transactions. Through case studies and practical examples, students gain insight into the technical and strategic considerations involved in complex business combinations.
Recommended Textbook
Advanced Accounting 11th Edition by Floyd A. Beams
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Chapter 1: Business Combinations
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Q1) When considering an acquisition, which of the following is NOT a method by which one company may gain control of another company?
A) Purchase of the majority of outstanding voting stock of the acquired company.
B) Purchase of all assets and liabilities of another company.
C) Purchase the assets, but not necessarily the liabilities, of another company previously in bankruptcy.
D) All of the above methods result in a company gaining control over another company.
Answer: D
Q2) Historically, much of the controversy concerning accounting requirements for business combinations involved the ________ method.
A) purchase
B) pooling of interests
C) equity
D) acquisition
Answer: B
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Chapter 2: Stock Investments Investor Accounting and Reporting
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Q1) Bart Company purchased a 30% interest in Simpson Corporation on January 1, 2008, and Bart accounted for its investment in Simpson under the equity method for the next 3 years.On January 1, 2011, Bart sold one-half of its interest in Simpson after which it could no longer exercise significant influence over Simpson.Bart should
A) continue to account for its remaining investment in Simpson under the equity method for the sake of consistency.
B) adjust the investment in Simpson account to one-half of its original amount and account for the remaining 15% interest using the equity method.
C) account for the remaining investment under the cost method, using the investment in Simpson account balance immediately after the sale as the new cost basis.
D) adjust the investment account to one-half of its original amount (one-half of the purchase price in 2008), and account for the remaining 15% investment under the cost method.
Answer: C
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Chapter 3: An Introduction to Consolidated Financial Statements
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Q1) Pardo Corporation paid $140,000 for a 70% interest in Spedeal Inc.on January 1, 2011, when Spedeal had Capital Stock of $50,000 and Retained Earnings of $100,000.Fair values of identifiable net assets were the same as recorded book values.During 2011, Spedeal had income of $40,000, declared dividends of $15,000, and paid $10,000 of dividends.On December 31, 2011, the consolidated financial statements will show
A) investment in Spedeal account of $170,000.
B) investment in Spedeal account of $165,000.
C) consolidated goodwill of $50,000.
D) consolidated dividends receivable of $5,000.
Answer: C
Q2) In the preparation of consolidated financial statements, which of the following intercompany transactions must be eliminated as part of the preparation of the consolidation working papers?
A) All revenues, expenses, gains, losses, receivables, and payables
B) All revenues, expenses, gains, and losses but not receivables and payables
C) Receivables and payables but not revenues, expenses, gains, and losses
D) Only sales revenue and cost of goods sold
Answer: A
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Chapter 4: Consolidated Techniques and Procedures
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Q1) What is the amount of consolidated Retained Earnings?
A) $224,000
B) $259,200
C) $304,000
D) $324,000
Q2) Which one of the following will increase consolidated retained earnings?
A) An increase in the value of goodwill associated with a subsidiary subsequent to the parent's date of acquisition
B) The amortization of a $10,000 excess in the fair value of a note payable over its recorded book value
C) The depreciation of a $10,000 excess in the fair value of equipment over its recorded book value
D) The sale of inventory by a subsidiary that had a $10,000 excess in fair value over recorded book value on the parent's date of acquisition
Q3) What is the reported amount for the noncontrolling interest?
A) $80,000
B) $84,400
C) $98,000
D) $122,500
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Chapter 5: Intercompany Profit Transactions - Inventories
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Q1) Psalm Enterprises owns 90% of the outstanding voting stock of Solomon Siding, which was purchased at a cost equal to 90% of the book value of Solomon's net assets many years ago.(At the time of purchase, the fair value and book value of Solomon's net assets were equal.)Psalm purchases merchandise from Solomon at 110% above Solomon's cost.In 2012, intercompany sales from Solomon to Psalm amounted to $362,000.Unrealized profits in Psalm's December 31, 2011 inventory and December 31, 2012 inventory were $82,000 and $26,000, respectively.Solomon reported net income of $980,000 for 2012.
Required:
1.Determine Psalm's income from Solomon for 2012.
2.In General Journal format, prepare consolidation working paper entries at December 31, 2012 to eliminate the effects of the intercompany inventory sales assuming the perpetual inventory method is used.
Q2) Consolidated cost of goods sold for Pelga and Subsidiary for 2012 were
A) $512,000.
B) $526,000.
C) $522,500.
D) $528,000.
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Page 7
Chapter 6: Intercompany Profit Transactions - Plant Assets
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Q1) Plock Corporation, the 75% owner of Seraphim Company, reported net income of $400,000 in 2011, prior to recording any income from Seraphim.Seraphim reported net income for that same year of $80,000 on their stand-alone statements.During 2011, an intercompany sale of a vehicle resulted in a gain of $4,000, and the vehicle was assumed to have a four-year remaining useful life.The vehicle has no salvage value.Straight-line depreciation is used.
Required:
1.Assuming that the vehicle transfer was downstream, calculate Plock's consolidated net income for 2011, and controlling share of consolidated net income for 2011.
2.Assuming that the vehicle transfer was upstream, calculate Plock's consolidated net income for 2011, and controlling share of consolidated net income for 2011.
Q2) In preparing the consolidated financial statements for 2012, the elimination entry for depreciation expense was a
A) debit for $5,000.
B) credit for $5,000.
C) debit for $15,000.
D) credit for $15,000.
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Page 8
Chapter 7: Intercompany Profit Transactions - Bonds
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Q1) Using the original information, the amount of consolidated Interest Expense for 2012 was
A) $ 135,000.
B) $ 180,000.
C) $ 270,000.
D) $ 360,000.
Q2) Pelami Corporation owns a 90% interest in Sunbird Corporation.At December 31, 2010, Sunbird had $3,000,000 of par value 6% bonds outstanding with an unamortized premium of $30,000.The bonds have interest payment dates of January 1 and July 1 and mature on January 1, 2015.
On January 2, 2011, Pelami purchased $1,200,000 par value of Sunbird's outstanding bonds for $1,210,000.Assume straight-line amortization.
Required:
Prepare the necessary consolidation working paper entries with respect to the intercompany bonds for the year ending December 31, 2011.
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Chapter 8: Consolidations - Changes in Ownership
Interests
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Q1) On September 1, 2011, Beck Corporation acquired an 80% interest in Johnsen Corporation for $700,000.Johnsen's stockholders' equity at January 1, 2011 consisted of $200,000 of Common Stock and $600,000 of Retained Earnings.The book values of its assets and liabilities were equal to their respective fair values on this date.All excess purchase cost was attributed to goodwill.
During 2011, Johnsen uniformly earned $78,000 and paid dividends of $9,000 on each of four dates: February 1, June 1, August 1, and December 1.
Required: Compute the following:
1.Implied goodwill associated with Johnsen Corporation based on Beck's purchase price on September 1, 2011.
2.Beck's income from Johnsen for 2011.
3.Preacquisition income for Beck Corporation and Subsidiary for 2011.
4.Noncontrolling interest share for 2011.
5.What is the balance in Beck's Investment in Johnsen account at December 31, 2011?
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Chapter 9: Indirect and Mutual Holdings
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Q1) The controlling interest share of consolidated net income for the current year is A) $341,000.
B) $348,400.
C) $351,000.
D) $355,000.
Q2) Controlling interest share of consolidated net income for the current year is
A) $504,800.
B) $516,800.
C) $545,200.
D) $557,200.
Q3) The amount of noncontrolling interest share for the current year is A) $69,000.
B) $85,000.
C) $95,000.
D) $99,000.
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11
Chapter 10: Subsidiary Preferred Stock, Consolidated
Earnings Per Share, and Consolidated Income Taxation
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Q1) When a parent acquires the preferred stock of a subsidiary, there will be a constructive retirement and
A) any difference paid above the book value of the preferred stock reduces the parent's additional paid-in capital.
B) any difference paid above the book value of the preferred stock reduces the subsidiary's retained earnings.
C) any difference paid above the book value of the preferred stock increases the parent's additional paid-in capital.
D) any difference paid above the book value of the preferred stock increases the parent's retained earnings.
Q2) What is the goodwill on the consolidated balance sheet for Pamplin and Subsidiaries on December 31, 2011 based on Pamplin's purchase of Sage's common stock?
A) $140,000
B) $240,000
C) $290,000
D) $306,667
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Chapter 11: Consolidation Theories, Push-Down Accounting, and Corporate Joint Ventures
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Q1) Which of the following statements about variable interest entities (VIE)is false?
A) Under GAAP, a VIE may be a corporation, partnership, limited liability company or trust.
B) Under GAAP, pension plans are excluded from VIE accounting.
C) A potential VIE must be a separate entity, not a subset, branch or division of another entity.
D) VIEs do not require the identification of a primary beneficiary.
Q2) Assume the entity theory is used.On January 2, 2011, Leah Company will report Goodwill of ________ and Accounts Receivable of ________ on Leah's balance sheet.
A) $27,000; $30,000
B) $27,000; $34,500
C) $30,000; $30,000
D) $50,000; $35,000
Q3) Pascoe's income from Sarabet under the equity method for 2011 was
A) $72,000.
B) $87,500.
C) $90,000.
D) $100,000.
Page 13
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Chapter 12: Derivatives and Foreign Currency: Concepts and Common Transactions
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Q1) On May 1, 2011, Deerfield Corporation purchased merchandise from a German firm for 78,000 euros when the spot rate for the euro was 1.48 euro per dollar.The account payable was denominated in the euro.Deerfield settled the account on August 1 when the spot rate for the euro was 1.39 euro per dollar.How much cash will Deerfield have to disburse to settle the account?
A) $ 52,702.72
B) $ 56,115.11
C) $108,420.00
D) $115,440.00
Q2) On December 5, 2010, Unca Corporation, a U.S.firm, bought inventory items from Skagerrak Corporation of Norway for 1,000,000 Norwegian kroner when the spot rate for kroner was $0.166.The purchase was denominated in kroner.At Unca's fiscal year end, December 31, 2010, the spot rate was $0.171.On January 4, 2011, Unca purchased 1,000,000 kroner for $167,500 and paid the invoice.How much gain or (loss)did Unca report in its 2010 and 2011 income statements, respectively?
A) $(5,000) and $1,500
B) $0 and ($1,500)
C) ($5,000) and $3,500
D) $0 and ($3,500)
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Chapter 13: Accounting for Derivatives and Hedging Activities
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Q1) When a cash flow hedge is appropriate, the effective portion of the gain or loss on the derivative is
A) deferred using other comprehensive income.
B) recognized immediately at the time the agreement is made.
C) recognized over time, amortized over the period of the agreement.
D) recognized over time, offset by the fluctuation in the value of the hedged asset or liability.
Q2) Taydus Corporation, a U.S.corporation, sold goods on December 2 to a company overseas, and is now carrying a receivable denominated in euros.Taydus signed a 60-day forward contract on that same date to sell euros.The spot rate was $1.40 on the date they signed the contract and the 60-day forward rate was $1.36.At the end of that month when they closed the books at their fiscal year-end, the spot rate was $1.42 and the 30-day forward rate was $1.40.Assume this is a fair value hedge.The forward contract will not be settled net.What would be reported by Taydus for the year ending December 31?
A) Net exchange gain
B) Net exchange loss
C) Deferred exchange gain
D) Deferred exchange loss
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Chapter 14: Foreign Currency Financial Statements
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Q1) A U.S.parent corporation loans funds to a foreign subsidiary to be used to purchase equipment.The loan is denominated in U.S.dollars and the functional currency of the subsidiary is the euro.This intercompany transaction is a foreign currency transaction of
A) neither the subsidiary nor the parent, as it is eliminated as part of the consolidation procedure.
B) the subsidiary but not the parent.
C) both the subsidiary and the parent.
D) the parent but not the subsidiary.
Q2) The primary goal behind consolidating financial statements of a controlled subsidiary is
A) assuring that the subsidiary financial statements are the same under the temporal method or the current rate method.
B) assuring that the individual nature of the subsidiary entity is not lost in the consolidation.
C) representing the conversion of statements at the historical exchange rate.
D) representing the company's underlying economic condition.
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16
Chapter 15: Segment and Interim Financial Reporting
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Q1) Which of the following conditions would not indicate that two business segments should be classified as a single operating segment?
A) They have similar amounts of intersegment revenues or expenses.
B) They have a similar distribution method for products.
C) They have similar production processes.
D) They have similar products or services.
Q2) GAAP requires that segment information be reported
A) by geographics, without regard to size of the segment.
B) by geographics, without regard to industry or product-line.
C) however management organizes the enterprise into units for internal decision-making and performance-evaluation purposes.
D) by industry or product-line, without regard to geographics.
Q3) Which one of the following operating segment information items is not directly named by GAAP to be reconciled to consolidated totals?
A) Assets
B) Liabilities
C) Revenues
D) Profit or loss
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Chapter 16: Partnerships - Formation, Operations, and Changes in Ownership Interests
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Q1) What will the profit and loss sharing ratios be after Oran's investment?
A) 1:2:4:2
B) 2:3:5:2
C) 3:4:6:2
D) 4:6:10:5
Q2) If the average capital for Bertram and Ernest from the above information is $224,000 and $238,000, respectively, what will be the total amount of profit allocated to salary and interest distributions?
A) $ 93,800
B) $146,200
C) $218,200
D) $240,000
Q3) Required:
1.Prepare a schedule to allocate income to the partners assuming that partnership net income for 2011 is $250,000.
2.Prepare a journal entry to distribute the partnership's income to the partners (assume that an Income Summary account is used by the partnership).
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Page 18
Chapter 17: Partnership Liquidation
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Q1) The cash available for distribution to the partners on July 31, 2011 is
A) $ 4,000.
B) $ 8,000.
C) $14,000.
D) $22,000.
Q2) The book value of the partnership equity (i.e., total equity of the partners)on June 30, 2011 is
A) $ 58,000.
B) $ 60,000.
C) $ 84,000.
D) $120,000.
Q3) If conditions produce a debit balance in a partner's capital account when liquidation losses are allocated, then
A) the partner receives further allocations of liquidation losses, but not gains.
B) the partner receives further allocations of liquidation gains, but not losses.
C) the partner is no longer obligated to partnership creditors.
D) the partner has an obligation of personal net assets to the other partners.
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19
Chapter 18: Corporate Liquidations and Reorganizations
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Q1) A company emerging from bankruptcy will have a reorganization value that A) approximates the book value of the entity's assets prior to bankruptcy.
B) approximates the book value of the entity prior to bankruptcy.
C) approximates the fair market value of the entity without considering liabilities. D) approximates the fair market value of the entity's liabilities.
Q2) In a Chapter 11 case, the debtor corporation filing the petition may continue in possession of the corporation's property, and is referred to as a(n) A) examiner.
B) trustee.
C) liquidator.
D) debtor in possession.
Q3) Ohio Corporation is being liquidated under Chapter 7 of the Bankruptcy Act.The trustee has determined that the unsecured claims will receive $.05 on the dollar.Lender Bank holds a $100,000 mortgage note receivable from Ohio that is secured by equipment with a $120,000 book value and a $90,000 fair value, and a second mortgage on the same equipment amounting to $50,000.
Required:
How much of the mortgage receivable will be recovered by Lender?
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Page 20
Chapter 19: An Introduction to Accounting for State and Local Governmental Units
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Q1) Which fund would most likely report depreciation expense?
A) A special revenue fund
B) An enterprise fund
C) A capital projects fund
D) A debt service fund
Q2) The following are transactions for the city of Greenville.
a.Issued $50,000 10-year bonds.
b.Used $30,000 of the cash to buy a truck.
c.Sold the truck that was replaced which had cost $28,000, for $2,000.The old truck was fully depreciated.Residual value is zero.
d.Computed depreciation on the new truck for the year of $6,000. Required:
Analyze the above transactions by using the accounting equation for a proprietary fund.
Q3) What funds are reported in Government-wide financial statements?
A) Governmental only
B) Proprietary only
C) Governmental and proprietary
D) Governmental, proprietary and fiduciary
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Chapter 20: Accounting for State and Local Governmental Units
- Governmental Funds
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Q1) Which of the following represents the recording of a budget in the accounts of the General Fund?
A) Debit Appropriations, Credit Estimated Revenues and Credit Fund BalanceUnassigned
B) Debit Appropriations, Credit Estimated Revenues
C) Debit Estimated Revenues, Credit Appropriations, Credit Estimated Other Financing Uses, Credit Fund Balance - Unassigned
D) Debit Estimated Other Financing Uses, Credit Appropriations and Credit Fund Balance - Unassigned
Q2) The General Fund transfers $50,000 cash to the Debt Service Fund to meet annual interest payments.What entry did the Debt Service Fund prepare?
A) Debit Cash $50,000, Credit Revenue $50,000
B) Debit Cash $50,000, Credit Other Financing Sources-Transfer from General Fund $50,000
C) Debit Encumbrance $50,000, Credit Due to General Fund $50,000
D) Debit Appropriation $50,000, Credit Reserve for Encumbrance $50,000
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Chapter 21: Accounting
for State and Local
Governmental
Units - Proprietary and Fiduciary Funds
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Q1) GASB requires ________ method(s)for the cash flow statement for proprietary funds.
A) the reconciliation
B) the indirect
C) the direct
D) either the direct or indirect
Q2) On January 1, 2011, the Enterprise Fund for a local city receives an operating grant of $100,000 cash from the state government.Upon receipt of the cash, qualifying expenses of $200,000 for the operating grant have been incurred.What journal entry did the Enterprise Fund prepare on January 1, 2011?
A) Debit Cash $100,000, credit Deferred Revenue $100,000
B) Debit Cash $100,000, credit Contributed Capital $100,000
C) Debit Restricted Cash $100,000, credit Nonoperating Revenues $100,000
D) Debit Restricted Cash $100,000, credit Other Financing Sources - operating grant $100,000
Q3) What basis of accounting is used by fiduciary funds?
A) Modified accrual accounting
B) Accrual accounting
C) Cash basis accounting
D) Present value accounting
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Chapter 22: Accounting for Not-For-Profit Organizations
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Q1) Under GAAP, for nonprofit, nongovernmental entities, an unconditional transfer of cash or other assets to an entity, or a settlement or cancellation of its liabilities in a voluntary, non-reciprocal transfer, is called a(n)
A) unconditional promise to give.
B) contribution.
C) conditional promise to give.
D) residual equity transfer.
Q2) A donor gives a Voluntary Health and Welfare Organization(VHWO)$1,000 cash that is restricted for a research project.What account does the VHWO credit when the VHWO receives the money?
A) Nonoperating Revenue
B) Permanently Restricted Revenue
C) Unrestricted Support
D) Temporarily Restricted Support
Q3) In a nonprofit, nongovernmental hospital, courtesy allowances are
A) charity care services.
B) revenue deductions.
C) expenses.
D) revenues earned even if the standard charge is above or below the allowance.
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Page 24
Chapter 23: Estates and Trusts
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Q1) What is the document prepared by the executor or administrator to show accountability for estate property received and maintained or disbursed in accordance with the will?
A) The Administrator/Executor's Fiduciary Report
B) The charge-discharge statement
C) The Administrator/Executor's Testamentary Report
D) The Administrator/Executor's Principal/Income Report
Q2) In reference to the probate process, which of the following statements is correct?
A) The personal representative of the deceased can file a petition with the appropriate probate court requesting that an existing will be probated.
B) The Uniform Probate Code varies from state to state.
C) The Uniform Probate Code is applied to all wills found to be valid, and to wills found to be invalid in probate court.
D) The Uniform Probate Code is applied to all wills found to be valid, but not to wills found to be invalid in probate court.
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