Course Introduction
Advanced Accounting Final
Exam Questions
Advanced Accounting explores complex accounting concepts beyond the introductory level, focusing on specialized topics such as business combinations, consolidated financial statements, foreign currency transactions, partnership accounting, and segment reporting. The course also examines accounting for governmental and not-for-profit organizations, international accounting standards, and emerging issues in financial reporting. Students will develop analytical and problem-solving skills essential for addressing intricate accounting scenarios, preparing them for professional roles in public accounting, corporate finance, and financial analysis.
Recommended Textbook
Advanced Accounting Global 12th Edition by Floyd A. Beams
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894 Flashcards
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Page 2
Chapter 1: Business Combinations
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Sample Questions
Q1) 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
Q2) In the business combination of Polka and Spot,
A) all of the items listed above are treated as expenses.
B) all of the items listed above except the cost of registering and issuing the securities are included in the purchase price.
C) the costs of registering and issuing the securities are deducted from the fair market value of the common stock used to acquire Spot.
D) only the costs of closing duplicate facilities, the salaries of Polka's employees assigned to the merger, and the costs of the shareholders' meeting would be treated as expenses.
Answer: C
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Chapter 2: Stock Investments - Investor Accounting and Reporting
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Sample Questions
Q1) For 2012, 2013, and 2014, Squid Corporation earned net incomes of $40,000, $70,000, and $100,000, respectively, and paid dividends of $24,000, $32,000, and $44,000, respectively. On January 1, 2012, Squid had $500,000 of $10 par value common stock outstanding and $100,000 of retained earnings. On January 1 of each of these years, Albatross Corporation bought 5% of the outstanding common stock of Squid paying $37,000 per 5% block on January 1, 2012, 2013, and 2014. All payments made by Albatross in excess of book value were attributable to equipment, which is depreciated over five years on a straight-line basis.
Required:
1. Assuming that Albatross uses the cost method of accounting for its investment in Squid, how much dividend income will Albatross recognize for each of the three years and what will be the balance in the investment account at the end of each year?
2. Assuming that Albatross has significant influence and uses the equity method of accounting (even though its ownership percentage is less than 20%), how much net investee income will Albatross recognize for each of the three years?
Answer: 11ea8548_c361_fdae_a343_2bede8007e5a_TB2661_00 11ea8548_c362_24bf_a343_9b33cddc5835_TB2661_00
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4
Chapter 3: An Introduction to Consolidated Financial Statements
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Sample Questions
Q1) Pardo Corporation paid $140,000 for a 70% interest in Spedeal Inc. on January 1, 2014, 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 2014, Spedeal had income of $40,000, declared dividends of $15,000, and paid $10,000 of dividends. On December 31, 2014, 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) Pental Corporation bought 90% of Sedacor Company's common stock at its book value of $400,000 on January 1, 2014. During 2014, Sedacor reported net income of $130,000 and paid dividends of $40,000. At what amount should Pental's Investment in Sedacor account be reported on December 31, 2014?
A) $400,000
B) $481,000
C) $490,000
D) $530,000
Answer: B
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Chapter 4: Consolidated Techniques and Procedures
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Sample Questions
Q1) What is the amount of total assets?
A) $1,380,000
B) $1,402,000
C) $1,470,000
D) $1,875,000
Q2) When preparing the consolidation workpaper for a company and its controlled subsidiary, which of the following would be used for the entities being consolidated?
A) Post-closing trial balances
B) Adjusted trial balances
C) Unadjusted trial balances
D) The adjusted trial balance for the parent and the unadjusted trial balance for all controlled subsidiaries
Q3) On consolidated working papers, a subsidiary's net income is
A) deducted from beginning consolidated retained earnings.
B) deducted from ending consolidated retained earnings.
C) allocated between the noncontrolling interest share and the parent's share.
D) only an entry in the parent company's general ledger.
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6
Chapter 5: Intercompany Profit Transactions Inventories
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Sample Questions
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 2014, intercompany sales from Solomon to Psalm amounted to $362,000. Unrealized profits in Psalm's December 31, 2013 inventory and December 31, 2014 inventory were $82,000 and $26,000, respectively. Solomon reported net income of $980,000 for 2014.
Required:
1. Determine Psalm's income from Solomon for 2014.
2. In General Journal format, prepare consolidation working paper entries at December 31, 2014 to eliminate the effects of the intercompany inventory sales assuming the perpetual inventory method is used.
Q2) What is Pew's income from Sordid for 2014?
A) $32,000
B) $48,000
C) $60,000
D) $75,000
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Page 7
Chapter 6: Intercompany Profit Transactions Plant Assets
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Sample Questions
Q1) Parrot Corporation acquired a 70% interest in Swifti Corp. on January 1, 2013, when Swifti's book values and fair values were equivalent. On January 1, 2014, Swifti sold a building with a book value of $60,000 to Parrot for $80,000. The building had a remaining life of five years, no salvage value, and was depreciated by the straight-line method. Swifti reported net income of $200,000 for 2014. What was the noncontrolling interest share for 2014?
A) $54,000
B) $55,200
C) $60,000
D) $128,800
Q2) Which of the following is correct?
A) No consolidation working paper entry is required for this transaction in 2014.
B) A consolidation working paper entry is required only if the subsidiary was less than 100% owned in 2014.
C) A consolidation working paper entry is required each year that Sidd has the land.
D) A consolidated working paper entry was required only if the land was held for resale in 2014.
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Page 8
Chapter 7: Intercompany Profit Transactions Bonds
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Q1) Paleo Corporation holds 80% of the capital stock of Sockrite Company. On January 1, 2013, Sockrite purchased $50,000 par value, 10% bonds on the open market that had been issued by Paleo on January 1, 2011. Sockrite paid $58,000 for these bonds which had originally been issued by Paleo for $53,000, with a 10-year maturity from the date of issue. Interest is paid annually on December 31. Straight-line amortization is used by both companies.
Required:
1. Calculate the interest income reported by Sockrite related to these bonds in 2013. 2. Calculate the interest expense reported by Paleo related to these bonds in 2013.
3. Calculate the gain or loss on retirement of bonds payable to be reported on consolidated financial statements in 2013.
Q2) Bonds Payable appeared in the December 31, 2013 consolidated balance sheet of Pfadt Corporation and Subsidiary in the amount of A) $398,925.
B) $441,000.
C) $443,250.
D) $450,000.
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Page 9
Chapter 8: Consolidations - Changes in Ownership
Interests
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Q1) Assume that Penguin sold the additional 3,000 shares to outside interests for $150,000 on January 2, 2014. Giant's percentage ownership immediately after the sale of additional stock would be
A) 66-2/3%.
B) 75%.
C) 80%.
D) 83-1/3%.
Q2) If SOS sold the additional shares to the general public, Great's Investment in SOS account after the sale would be ________. (Use four decimal places.)
A) $945,000
B) $1,157,100
C) $1,225,000
D) $1,245,000
Q3) What is Goldberg's percentage ownership in Savannah after Savannah issues its stock to Goldberg?
A) 76.32%
B) 80.43%
C) 82.57%
D) 83.43%
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Chapter 9: Indirect and Mutual Holdings
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Sample Questions
Q1) Noncontrolling interest share for Badrack is
A) $9,000.
B) $10,000.
C) $20,000.
D) $40,000.
Q2) Paine Corporation owns 90% of Achan Corporation, Achan Corporation owns 85% of Badge Corporation, and Badge Corporation owns 5% of Achan Corporation. The separate net incomes (excluding investment income) of Paine, Achan, and Badge are $400,000, $160,000, and $220,000, respectively. Assume the investments were acquired at a cost equal to the book value of each investment, which also equals the fair value. Required:
1. Calculate revised net incomes for Paine, Achan, and Badge by using the conventional method.
2. Determine the controlling interest share of consolidated net income and the noncontrolling interest shares.
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11
Chapter 10: Subsidiary Preferred Stock, Consolidated
Earnings Per Share, and Consolidated Income Taxation
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Sample Questions
Q1) What should be the noncontrolling interest share, common in the consolidated financial statements of Parminter for the year ending December 31, 2014?
A) $ 5,000
B) $20,000
C) $25,000
D) $30,000
Q2) Peyton Corporation owns an 80% interest in Sampe Corporation's common stock. Throughout 2014, Sampe had 10,000 shares of common stock outstanding and Peyton had 100,000 shares of common stock outstanding. Sampe's only dilutive security consists of $100,000 face amount of 8% bonds payable. Each $1,000 bond is convertible into 20 shares of Sampe stock. Peyton and Sampe's separate net incomes for the year are $200,000 and $150,000, respectively. Assume a 34% flat income tax rate. Required:
Compute the amount of basic and diluted earnings per share for Peyton (consolidated) and Sampe Corporations.
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Page 12
Chapter 11: Consolidation Theories, Push-Down Accounting, and Corporate Joint Ventures
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Q1) Assume the parent company theory is used. On January 2, 2014, Leah Company will report Goodwill of ________ and Accounts Receivable of ________ on Leah's balance sheet.
A) $27,000; $30,000
B) $27,000; $35,000
C) $30,000; $30,000
D) $45,000; $34,500
Q2) Anthony and Cleopatra create a joint venture to distribute artifacts. Anthony contributes 70% and Cleopatra 30% of the cash for assets purchased from Tomb Company. How would Anthony report information about Cleopatra on Anthony's financial statements?
A) Not at all
B) In a footnote
C) As a liability
D) As a noncontrolling interest
Q3) Noncontrolling interest share is viewed as an expense under ________ theory.
A) parent company
B) entity
C) contemporary
D) joint venture
Page 13
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Chapter 12: Derivatives and Foreign Currency: Concepts and Common Transactions
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Q1) On September 1, 2014, Bylin Company purchased merchandise from Himeji Company of Japan for 20,000,000 yen payable on October 1, 2014. The spot rate for yen was $0.0079 on September 1 and the spot rate was $0.0077 on October 1. The purchase was paid on October 1, 2014.
Required:
1. Did the U.S. dollar strengthen or weaken from September to October and what are the implications for Bylin's business?
2. What journal entry did Bylin record on September 1, 2014?
3. What journal entry did Bylin record on October 1, 2014?
Q2) On October 15, 2014, Napole Corporation, a French company, ordered merchandise listed on the internet for 20,000 Euros from Adams Corporation, a U.S. corporation. The euro rate was $1.20 (U.S. dollars) on October 15. On November 15, 2014 Adams shipped the goods and billed Napole the purchase price of 20,000 Euros when the euro rate was $1.30. Napole paid the bill on December 10, 2014, and Adams immediately exchanged the 20,000 Euros for US dollars when the Euro rate was $1.28 on December 10, 2014.
Required:
Compute the foreign currency gain or loss on the December 31, 2014 financial statements of Adams and show the related journal entries.
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Chapter 13: Accounting for Derivatives and Hedging Activities
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Sample Questions
Q1) What is the fair value of the forward contract at December 31, 2014?
A) $400.00 liability
B) $400.00 asset
C) $396.04 liability
D) $396.04 asset
Q2) International accounting standards differ from U.S. Generally Accepted Accounting Principles in that International standards
A) require that firm sale or purchase commitments are accounted for as fair value hedges.
B) require that firm sale or purchase commitments are accounted for as cash flow hedges.
C) state that firm sale or purchase commitments may not be treated as a hedged transaction.
D) permit firm sale or purchase commitments to be accounted for as either fair value hedges or cash flow hedges.
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15
Chapter 14: Foreign Currency Financial Statements
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Q1) Paskin Corporation's wholly-owned Canadian subsidiary has a Canadian dollar functional currency. In translating the subsidiary's account balances into U.S. dollars for reporting purposes, which one of the following accounts would be translated at historical exchange rates?
A) Accounts Receivable
B) Notes Payable
C) Capital Stock
D) Retained Earnings
Q2) All of the following factors would be used to define a foreign entity's functional currency, except
A) high volume of intercompany transactions.
B) expenses for foreign entity primarily driven by local factors.
C) financing for foreign entity denominated in local currency.
D) foreign entity's status as a local tax haven for transfer pricing purposes.
Q3) Accounts representing an allowance for uncollectible accounts are converted into U.S. dollars at
A) historical rates when the U.S. dollar is the functional currency.
B) current rates only when the U.S. dollar is the functional currency.
C) historical rates regardless of the functional currency.
D) current rates regardless of the functional currency.
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Chapter 15: Segment and Interim Financial Reporting
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Sample Questions
Q1) The estimated taxable income for Shebill Corporation on January 1, 2014, was $80,000, $100,000, $100,000, and $120,000, respectively, for each of the four quarters of 2014. Shebill's estimated annual effective tax rate was 30%. During the second quarter of 2014, the estimated annual effective tax rate was increased to 34%. Given only this information, Shebill's second quarter income tax expense was
A) $30,000.
B) $34,000.
C) $37,200.
D) $61,200.
Q2) Which one of the following operating segment disclosures is not required by GAAP?
A) Total Assets
B) Equity
C) Intersegment sales
D) Extraordinary items
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17
Chapter 16: Partnerships - Formation, Operations, and Changes in Ownership Interests
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Q1) In a limited partnership, a general partner
A) is excluded from management of the business.
B) is not entitled to a bonus at the end of the year.
C) has limited liability for partnership debt.
D) has unlimited liability for partnership debt.
Q2) If the partnership experiences a net loss of $60,000 for the year, what will be the final net amount of profit or (loss) closed to each partner's capital account?
A) ($90,000) to Alfred and $30,000 to Barne
B) ($30,000) to Alfred and ($30,000) to Barne
C) ($24,000) to Alfred and ($36,000) to Barne
D) $30,000 to Alfred and ($90,000) to Barne
Q3) Required:
1. Prepare a schedule to allocate income or loss to the partners assuming that the partnership incurs a net loss of $36,000 for 2014.
2. Prepare a journal entry to distribute the partnership's loss 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) What is the proper disposition of a partnership loan that was made from a partner who has a debit balance in the capital account?
A) The loan is ignored in liquidation.
B) The loan is offset against the debit balance in the capital account.
C) The loan is charged off to the capital accounts of all the partners in their profit and loss sharing ratios.
D) The loan is held for payment after all other capital accounts are covered.
Q2) In partnership liquidations, what are safe payments?
A) The amounts of distributions that can be made to the partners, after all creditors have been paid in full.
B) The amounts of distributions that can be made to the partners with assurance that such amounts will not have to be returned to the partnership.
C) The amounts of distributions that can be made to the partners, after all non-cash assets have been adjusted to fair market value.
D) The amounts of distributions that can be made to the partners during the liquidation based on the partner's contributed capital return.
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Chapter 18: Corporate Liquidations and Reorganizations
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Q1) Which of the following must approve a Chapter 11 plan?
A) The organization's management and the assigned trustee
B) The assigned trustee and creditors
C) The assigned trustee and entity's stockholders
D) The bankruptcy court and the creditors
Q2) When a corporation's total liabilities are greater than the fair value of total assets, the firm is
A) a distressed corporation.
B) a bankrupt corporation.
C) insolvent in the equity sense.
D) insolvent in the bankruptcy sense.
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.
Q4) Trustin Corporation is in a Chapter 7 bankruptcy liquidation. For each of the following transactions, show the journal entry that would be required by the trustee of the estate.
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Page 20
Chapter 19: An Introduction to Accounting for State and Local Governmental Units
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Sample Questions
Q1) Internal Service Funds differ from Enterprise Funds because Internal Service Funds
A) are a proprietary fund.
B) are intended to show a profit.
C) charge for their services.
D) provide goods and services primarily to other government agencies.
Q2) The following are transactions for the city of Clinton.
a. Borrowed $100,000 by issuing a one-year, 5% note, three months before year-end.
b. Accrued interest at year end, but did not pay the interest at year end.
c. Charges for services rendered of $2,500 were billed and collected immediately.
d. Incurred salary costs of $5,000, unpaid.
Required:
Analyze the above transactions by using the accounting equation for a governmental fund.
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21
Chapter 20: Accounting for State and Local Governmental Units
- Governmental Funds
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Q1) When a capital lease is used to lease fixed assets for the general government, the governmental fund acquiring the fixed assets debits ________ at the ________.
A) expenditures; future value of the minimum lease payments
B) fixed assets; future value of the minimum lease payments
C) expenditures; present value of the minimum lease payments
D) fixed assets; present value of the minimum lease payments
Q2) What statements are required for Government-wide financial statements?
A) Statement of Cash Flows and Balance Sheet
B) Statement of Cash Flows and Statement of Net Assets
C) Statement of Net Position and Statement of Activities
D) Operating Statement and Balance Sheet
Q3) Which of the following funds has similar accounting and reporting to the special revenue fund?
A) The proprietary fund
B) The trust fund
C) The general fund
D) The agency fund
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Page 22
Chapter 21: Accounting for State and Local Governmental Units
- Proprietary and Fiduciary Funds
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Q1) What basis of accounting is used by fiduciary funds?
A) Modified accrual accounting
B) Accrual accounting
C) Cash basis accounting
D) Present value accounting
Q2) Prepare journal entries to record the following grant-related transactions of the municipal swimming pool, which is funded primarily by membership fees.
1. Received an operating grant in cash from the state for $200,000, to be used for life-saving and first-aid training.
2. Incurred and paid qualifying expenses on the state grant program by providing training, $165,000.
3. Received a federal grant to finance purchase of an energy efficient heating system for the pool, $120,000 (cash received in advance).
4. New heating system installed and paid, $115,000.
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Chapter 22: Accounting for Not-For-Profit Organizations
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Q1) Which of the following is not true?
A) A not-for-profit entity operates for purposes other than to provide goods or services at a profit.
B) A not-for-profit entity may be governmental or non-governmental.
C) A not-for-profit entity may possess ownership interests like a corporation.
D) A not-for-profit entity receives resources from resource providers who do not expect commensurate or proportionate pecuniary return.
Q2) 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.
Q3) Voluntary health and welfare organizations
A) may not have paid executives or staff.
B) are governed by separate GASB statements.
C) use fund accounting, following the rules for proprietary fund reporting.
D) are supported by, and provide voluntary services to, the public.
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Chapter 23: Estates and Trusts
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Q1) Which of the following are entitled to the remainder of the estate after all other rightful claims on the estate have been satisfied?
A) Remainder beneficiaries
B) Residual beneficiaries
C) Alternate beneficiaries
D) Secondary beneficiaries
Q2) If estate assets are insufficient to pay all claims in full, under the Uniform Probate Code which of the following would be paid first?
A) Reasonable funeral expenses
B) Necessary medical and hospital expenses of the last illness of the decedent
C) Unsecured debts
D) The costs and expenses of administration of the estate
Q3) Philiam Benedict dies on October 1, 2014, leaving his entire estate to his sole surviving niece, Muriel Finster. After all devise distributions and payments for estate expenses and liabilities, the fair value of Philiam's estate is $6,350,000.
Required:
Calculate the federal estate tax on Philiam's estate, assuming that federal estate taxes are paid at the 45% rate.
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