Corporate Accounting Exam Preparation Guide
Course Introduction
Corporate Accounting is a comprehensive course that explores the fundamental principles and practices involved in the accounting processes of corporate entities. The course covers topics such as the preparation and presentation of financial statements, accounting for share capital and debentures, corporate restructuring, amalgamation, absorption, and liquidation. Students will also examine the legal and regulatory frameworks governing corporate accounting, and understand the methods used for analyzing financial statements for decision-making. This course equips learners with the essential skills and knowledge required to manage and interpret financial information within a corporate environment, ensuring compliance with relevant accounting standards and corporate laws.
Recommended Textbook
Advanced Accounting 13th Edition by Floyd
A. Beams
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Chapter 1: Business Combinations
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Q1) Which of the following methods does the FASB consider the best indicator of fair values in the evaluation of goodwill impairment?
A)Senior executive's estimates
B)Financial analyst forecasts
C)Fair value
D)The present value of future cash flows discounted at the firm's cost of capital
Answer: C
Q2) Which of the following is not a reason for a company to expand through a combination,rather than by building new facilities?
A)A combination might provide cost advantages.
B)A combination might provide fewer operating delays.
C)A combination might provide easier access to intangible assets.
D)A combination might provide an opportunity to invest in a company without having to take responsibility for its financial results.
Answer: D
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Chapter 2: Stock Investments - Investor Accounting and Reporting
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Q1) The GAAP requires that all majority-owned subsidiaries be consolidated,except when control lies with the majority interest.
A)True
B)False
Answer: False
Q2) Firms must conduct impairment tests more frequently than annually when
A)other shareholders hold more than 50% interest.
B)a "more likely than not" expectation exists that a reporting unit will be sold or disposed of.
C)a specific unit does not have publicly traded stock.
D)using the equity method.
Answer: B
Q3) The GAAP requires the recording of common stock acquisitions in the investor record at cost.
A)True
B)False
Answer: True
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Page 4
Chapter 3: An Introduction to Consolidated Financial Statements
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Q1) Pomograte Corporation bought 75% of Sycamore Company's common stock,with a book value of $900,000,on January 2,2014 for $750,000.The law firm of Dewey,Cheatam and Howe was paid $55,000 to facilitate the purchase.At what amount should Pomograte's Investment in Sycamore account be reported on January 2,2014?
A)$675,000
B)$695,000
C)$750,000
D)$845,000
Answer: C
Q2) A corporation becomes a subsidiary when another corporation acquires a controlling interest in its issued voting stock.
A)True
B)False
Answer: False
Q3) A consolidated income statement must clearly separate income attributable to the controlling and noncontrolling interests.
A)True
B)False
Answer: True
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Chapter 4: Consolidated Techniques and Procedures
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Q1) A parent corporation owns 55% of the outstanding voting common stock of one domestic subsidiary.The parent has control over the subsidiary.Which of the following statements is correct?
A)The parent corporation must prepare consolidated financial statements for the economic entity.
B)The parent corporation must use the fair value method.
C)The parent company may use the equity method but the subsidiary cannot be consolidated.
D)The parent company can use the equity method or the fair value/cost method.
Q2) A parent company uses the equity method to account for its wholly-owned subsidiary.Which of the following will be a correct procedure for the Investment account?
A)A debit for a subsidiary loss and a credit for dividends received
B)A credit for subsidiary income and a debit for dividends received
C)A debit for subsidiary dividends received and a credit for a subsidiary loss
D)A credit for a subsidiary loss and a credit for dividends received
Q3) Adjustments made for consolidation statements impact both the parent and subsidiary general ledger accounts.
A)True
B)False
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Chapter 5: Intercompany Profit Transactions - Inventories
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Q1) If a subsidiary is a 100 percent-owned affiliate and sells to the parent,the parent defers 100 percent of any unrealized profit in the year of the intercompany sale.
A)True
B)False
Q2) Assume there are routine inventory sales between parent companies and subsidiaries.When preparing the consolidated financial statements,which of the following line items is indifferent to the sales being either upstream or downstream?
A)Consolidated retained earnings
B)Consolidated gross profit
C)Noncontrolling interest share
D)Controlling interest share of consolidated net income
Q3) What is Pew's income from Sordid for 2014?
A)$32,000
B)$48,000
C)$60,000
D)$75,000
Q4) A downstream sale is a sale by a parent to a subsidiary.
A)True
B)False
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Chapter 6: Intercompany Profit Transactions - Plant Assets
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Q1) Several years ago,Peacock International purchased 80% of the outstanding stock of Strutt Incorporated,at a time when Strutt's book values were equal to its fair values.On January 1,2009,Strutt purchased a truck for $160,000 which had no salvage value with a useful life of 8 years,depreciated on a straight-line basis.On January 1,2012,Strutt sold the truck to Peacock Corporation for $56,000.The equipment was estimated to have a five-year remaining life on this date,with no salvage value.All affiliates use the straight-line depreciation method.
Required:
Prepare the consolidation entries required for Peacock and subsidiary at:
1.December 31,2012
2.December 31,2013
3.December 31,2014
4.December 31,2015
Q2) The transfer of nondepreciable plant assets between affiliates at a price other than book value gives rise to unrealized profit or loss to the consolidated entity.
A)True
B)False
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Chapter 7: Intercompany Profit Transactions - Bonds
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Q1) Peter Corporation owns a 70% interest in Sundown Corporation acquired several years ago at a price equal to book value and fair value.On December 31,2013,Sundown had $300,000 par of 6% bonds outstanding with an unamortized premium of $30,000.The bonds mature in five years and pay interest on January 1 and July 1.On January 2,2014,Peter acquired one-third of Sundown's bonds for $117,000.Peter and Sundown use straight-line amortization.Sundown reports net income of $250,000 for 2014.Peter uses the equity method to account for the investment.
Required:
1.Calculate Peter's income from Sundown for 2014.
2.Calculate the noncontrolling interest share for 2014.
Q2) Constructive retirement means that bonds are retired for consolidated statement purposes because the bond investment and payable items of the parent and the subsidiary are reciprocals that must be eliminated in consolidation.
A)True
B)False
Q3) When a company issues bonds,the bond liability will reflect the current market rate of interest.
A)True
B)False
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Chapter 8: Consolidations - Changes in Ownership
Interests
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Q1) Utah Company holds 80% of the stock of a subsidiary company.The subsidiary issues 100 additional shares of stock to Utah Company at a price above book value per share.The subsidiary does not issue any additional shares at the same time.How will Utah Company record the purchase?
A)Utah Company records a gain on sale of stock.
B)Utah Company increases additional paid-in capital.
C)Utah Company decreases additional paid-in capital.
D)Utah Company assigns any excess cost over book value acquired to increase undervalued identifiable assets or goodwill as appropriate.
Q2) A stock dividend by a subsidiary causes
A)the parent company investment account to decrease.
B)the parent company investment account to remain the same.
C)the parent company investment account to increase.
D)the noncontrolling interest equity to increase.
Q3) Noncontrolling interest share for 2013 is
A)$21,000.
B)$32,400.
C)$36,000.
D)$50,000.
Page 10
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Chapter 9: Indirect and Mutual Holdings
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Q1) Indirect holdings are investments that enable the investor to control or significantly influence the decisions of an investee not directly owned through an investee that is indirectly owned.
A)True
B)False
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.
Q3) The conventional approach is appropriate for recording mutually held stock by subsidiaries.
A)True
B)False
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Chapter 10: Subsidiary Preferred Stock, consolidated
Earnings Per Share, and Consolidated Income Taxation
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Q1) The GAAP requires that corporations report both basic and diluted earnings per share.
A)True
B)False
Q2) Pan Corporation has total stockholders' equity of $5,000,000 consisting of $1,000,000 of $10 par value Common Stock,$1,000,000 of Additional Paid-in Capital,and $3,000,000 of Retained Earnings.Pan owns 80% of Sailor Corporation's common stock purchased at book value,which equals fair value.Sailor has $900,000 of 10% cumulative preferred stock outstanding,with no preferred dividends in arrears.The preferred stock has no call price,redemption price or liquidation price.Pan acquired 60% of the preferred stock of Sailor for $500,000.After this transaction the balances in Pan's Retained Earnings and Additional Paid-in Capital accounts,respectively,are
A)$2,960,000 and $1,000,000.
B)$3,000,000 and $960,000.
C)$3,000,000 and $1,040,000.
D)$3,040,000 and $1,000,000.
Q3) The consolidated entity must file a consolidated income tax return. A)True B)False
Page 12
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Chapter 11: Consolidation Theories, push-Down Accounting, and Corporate Joint Ventures
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Q1) Income attributable to the noncontrolling interest is treated as an expense. A)True
B)False
Q2) A leveraged buyout occurs when an investor group acquires a company from the public shareholders in a transaction financed with large equity and very little debt.
A)True
B)False
Q3) Noncontrolling interest share is viewed as an expense under ________ theory.
A)parent company
B)entity
C)contemporary
D)joint venture
Q4) Push-down capital is an additional paid-in capital account.
A)True
B)False
Q5) The GAAP states a noncontrolling interest in a subsidiary should be labeled and displayed as a separate financial note to the consolidated balance sheet.
A)True
B)False
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Chapter 12: Derivatives and Foreign Currency: Concepts and Common Transactions
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Q1) What exchange gain or loss appeared on Sooty's 2015 income statement?
A)a loss of $15,000
B)a loss of $5,000
C)a gain of $15,000
D)a gain of $5,000
Q2) On November 4,2014,the Oak Corporation,a U.S.corporation,purchased components for an assembly machine from Maple Industries,a Canadian Company,which were put into Parts Inventory.The purchase price was 80,000 Canadian dollars and Oak agreed to pay in Canadian dollars in 90 days.Both corporations are on a calendar year accounting period.Assume that the spot rates for the Canadian dollar on November 4,2014,December 31,2014,and February 2,2015,are $0.9985,$1.0191,and $1.0064,respectively. Required:
Record the November 4,December 31,and February 2 transactions in the General Journals of Oak Corporation and Maple Industries.If no entry is required on a particular date,indicate "No entry" in the General Journal.
Q3) Forward contracts are very standardized and easily traded in the markets.
A)True
B)False
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Chapter 13: Accounting for Derivatives and Hedging Activities
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Q1) On January 1,2014,Bambi borrowed $500,000 from Lonni.The five-year term note carries a variable rate interest,based on LIBOR,and interest is payable at December 31 of each year,compounded annually.The first year's rate of interest is 6% and Bambi would like to assure that their rate does not increase.Bambi enters into a pay-fixed,receive-variable interest rate swap agreement with Third National Bank,under which Bambi will pay 6%,fixed.At December 31,2014,it is determined that Bambi's interest rate to Lonni for the next year will be 5%.Treat as a cash flow hedge.
Required: Determine the estimated fair value of the hedge at December 31,2014,and prepare the related journal entry required to document this hedge and the related interest payment at December 31,2014.Assume the interest rate curve is flat.
Q2) The net gain or loss in earnings during the period for a fair-value hedge must be reported in the financial statement footnotes.
A)True
B)False
Q3) One characteristic of a derivative is it does not require or permit net settlements.
A)True
B)False
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Chapter 14: Foreign Currency Financial Statements
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Q1) At the time of a business acquisition,
A)identifiable assets and liabilities are allocated the portion of the translation or remeasurement adjustment that existed on the date of acquisition.
B)a foreign entity's assets and liabilities are translated into U.S.dollars using the current exchange rate in effect on that date.
C)the difference between investment fair value and translated net assets acquired is treated as a remeasurement gain or loss on the income statement.
D)the difference between investment fair value and translated net assets acquired is recorded as a cumulative translation adjustment on the balance sheet.
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.
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Chapter 15: Segment and Interim Financial Reporting
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Q1) For reporting purposes,a segment is considered material if its assets are 15 percent or more of the combined assets of all operating segments.
A)True
B)False
Q2) If the LIFO method is used for inventory to reduce taxable income,the IRS requires the LIFO method to be used for financial reporting purposes.
A)True
B)False
Q3) For an operating segment to be considered a reporting segment under the revenue threshold,its reported revenue must be 10% or more of A)the combined enterprise revenues,eliminating all relevant intracompany transfers and balances.
B)the combined revenues,excluding intersegment revenues,of all operating segments. C)the combined revenues,including intersegment revenues,of all operating segments.
D)the consolidated revenue of all operating segments.
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Chapter 16: Partnerships -
Formation,operations,and
Changes in Ownership Interests
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Q1) The profit and loss sharing agreement for the Mason,Nell,and Odell partnership provides for a $15,000 salary allowance to Nell.Residual profits and losses are allocated 5:3:2 to Mason,Nell,and Odell,respectively.In 2013,the partnership recorded $120,000 of net income that was properly allocated to the partners' capital accounts.On January 25,2014,after the books were closed for 2013,Mason discovered that office equipment,purchased for $12,000 on December 29,2013,was recorded as office expense by the company bookkeeper.
Required:
Prepare the necessary correcting entry(s)for the partnership.
Q2) Partnerships
A)are required to prepare annual reports.
B)are required to file income tax returns but do not pay Federal income taxes.
C)are required to file income tax returns and pay Federal income taxes.
D)are not required to file income tax returns or pay Federal income taxes.
Q3) What is the total amount for the allocation of interest,salary,and bonus,and how much over-allocation is present?
A)$180,000 and $0
B)$240,000 and $60,000
C)$249,000 and $0
D)$249,000 and $69,000
Page 18
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Chapter 17: Partnership Liquidation
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Q1) Using a safe payments schedule,how much cash should Melvin receive in the first distribution?
A)$81,000
B)$165,000
C)$168,600
D)$202,500
Q2) Which partner is considered the most vulnerable as a result of a computation of vulnerability rankings?
A)The partner who has the lowest loss absorption potential
B)The partner who has the highest loss absorption potential
C)The partner with the highest capital account balance
D)The partner with the lowest capital account balance
Q3) A partnership is considered insolvent if the cash available after all noncash assets have been converted into cash is not enough to pay partnership creditors.
A)True
B)False
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Chapter 18: Corporate Liquidations and Reorganizations
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Q1) A petition commencing a case against a corporate debtor
A)can be filed only under Chapter 7 of the bankruptcy act.
B)can be filed only under Chapter 11 of the bankruptcy act.
C)can be filed under either Chapter 7 or Chapter 11 of the bankruptcy act.
D)will be determined by the trustee whether it shall be Chapter 7 or Chapter 11 of the bankruptcy act.
Q2) Creditor committees are elected
A)in all bankruptcy cases.
B)in Chapter 7 cases.
C)only in bankruptcy cases arising from involuntary petitions.
D)in Chapter 11 cases.
Q3) Chapter 7 bankruptcy appoints a trustee to sell off the assets of the company and pay claims to its creditors.
A)True B)False
Q4) The doctrine of equitable subordination allows judges to move unsecured creditors ahead of secured creditors in bankruptcy proceedings in the interest of "fairness".
A)True B)False
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Chapter 19: An Introduction to Accounting for State and Local Governmental Units
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Q1) For each of the following events or transactions,identify the type of fund(s)that will be affected.
1.A central purchasing department was established to handle all the purchasing needs of a county government.
2.A county government levies sales taxes restricted as to use for job creation.
3.A county government receives a large contribution specifying that income from the contribution be distributed each year to the county zoo.The principal is to remain intact indefinitely.
4.A city government paid construction costs of $12,000 on city hall building.
5.A city government paid general operating costs.
Q2) The following are transactions for the city of Franklin.
a.Borrowed $20,000 by issuing a two-year note.
b.Purchased equipment for $6,000 cash.
c.Licenses for $700 were billed on account.
d.Accrued employee salary costs of $7,000.
e.Depreciation expense on equipment for year,$1,000.
Required:
Analyze the above transactions by using the accounting equation for a proprietary fund.
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Chapter 20: Accounting for State and Local Governmental Units
- Governmental Funds
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Q1) Which statement below is incorrect with respect to the Government-wide financial statements?
A)All governmental fund categories must convert to the modified accrual basis of accounting.
B)It is necessary to eliminate interfund balances within the governmental funds.
C)Capital lease liabilities associated with governmental funds must be included on the Government-wide financial statements.
D)All fixed assets and long-term debt for governmental funds must be included on the Government-wide financial statements.
Q2) When a city enters into a capital lease for a fixed asset for the general government,
A)government-wide statements will report the asset and liability for the leased asset.
B)government-wide statements will not report the liability,Capital Lease Obligation.
C)governmental fund statements will report a fixed asset.
D)governmental fund statements will report a liability,Capital Lease Obligation.
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Chapter 21: Accounting for State and Local Governmental
Units - Proprietary and Fiduciary Funds
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Q1) Based upon the flow information provided below for the year ending December 31,2014,prepare a cash flow statement for the Downtown City Motor Pool,an internal service fund.
\(\begin{array}{ll}\text { Cash received from customers }&\$830,000\\
\text { Cash received from General Fund (noncapitalloan) } & 20,000 \\
\text { Interest reventue received } & 1,000 \\
\text { Cash received from short-term note payable (not used for capital assets) } & 40,000 \\
\text { Payments to employees } & 450,000 \\
\text { Payments to suppliers } & 250,000 \\
\text { Cash paid to the General Fund - noncapital loan } & 65,000 \\
\text { Payments for capital improvements } & 60,000 \\
\text { Interest paid on short-term note payable above } & 2,000 \\
\text { Principal paid on capital debt } & 50,000 \\
\text { Interest paid on capital debt } & 5,000\\
\text { Unrestricted Cash (and cash equivalents), Tanuary 1, } 2014&13,000 \end{array}\)
Q2) Enterprise funds use full accrual accounting procedures.
A)True
B)False
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Chapter
22: Accounting for Not-For-Profit Organizations
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Q1) GAAP defines a contribution as unconditional transfer of cash or other assets to an entity or a settlement or cancellation of its liabilities in a voluntary,nonreciprocal transfer by another entity acting other than as an owner.
A)True
B)False
Q2) The FASB ASC is the primary authority over accounting principles for governmental colleges and universities.
A)True
B)False
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.
Q4) Not-for-profits account for revenues and expenses using the modified accrual basis of accounting.
A)True
B)False
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Chapter 23: Estates and Trusts
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Q1) In reference to accounting for trusts or estates,which of the following statements is correct?
A)Estates are subject to taxation,but trusts are not.
B)Estates are subject to probate laws that vary widely across the fifty states.
C)Estates are subject to income taxes at the federal level,but not at the state level.
D)Estates and trusts are taxed regardless of size.
Q2) 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
Q3) Which type of trust is created pursuant to a will?
A)A testamentary trust
B)A Crummey trust
C)A generation-skipping trust
D)A life estate trust
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