Financial Accounting Theory
Exam Questions
Course Introduction
Financial Accounting Theory explores the underlying concepts, frameworks, and assumptions that guide the preparation and interpretation of financial statements. The course examines the development and use of accounting standards, the role of regulation, and the economic, social, and ethical factors influencing accounting practices. Topics include the measurement of assets and liabilities, income determination, the impact of accounting choices on stakeholders, and the effectiveness of standard-setting bodies such as the IASB and FASB. Through theoretical analysis and contemporary case studies, students develop a critical understanding of current debates and challenges in financial accounting.
Recommended Textbook
Advanced Accounting 11th Edition by
Floyd A. Beams
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Page 2
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) In a business combination, which of the following will occur?
A) All identifiable assets and liabilities are recorded at fair value at the date of acquisition.
B) All identifiable assets and liabilities are recorded at book value at the date of acquisition.
C) Goodwill is recorded if the fair value of the net assets acquired exceeds the book value of the net assets acquired.
D) None of the above is correct.
Answer: A
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Chapter 2: Stock Investments Investor Accounting and Reporting
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Q1) Assume that Pansy has significant influence and uses the equity method of accounting for its investment in Sunflower.The balance in the Investment in Sunflower account at December 31, 2013 was
A) $78,200.
B) $80,000.
C) $81,800.
D) $83,300.
Answer: C
Q2) The income from an equity method investee is reported on one line of the investor company's income statement except when
A) the cost method is used.
B) the investee has extraordinary items.
C) the investor company is amortizing cost-book value differentials.
D) the investor company changes from the cost to the equity method.
Answer: B
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Page 4
Chapter 3: An Introduction to Consolidated Financial Statements
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Q1) Push-down accounting
A) requires a subsidiary to use the same accounting principles as its parent company.
B) is required when the parent company uses the equity method to account for its investment in a subsidiary.
C) is required when the parent company uses the cost method to account for its investment in a subsidiary.
D) requires the subsidiary to record the subsidiary's assets and liabilities at fair value at the acquisition date.
Answer: D
Q2) Subsequent to an acquisition, the parent company and consolidated financial statement amounts would not be the same for
A) investments in unconsolidated subsidiaries.
B) investments in consolidated subsidiaries.
C) capital stock.
D) ending retained earnings.
Answer: B
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Chapter 4: Consolidated Techniques and Procedures
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Q1) 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
Q2) In contrast with single entity organizations, consolidated financial statements include which of the following in the calculation of cash flows from operating activities under the indirect method?
A) Cash paid to employees
B) Noncontrolling interest dividends paid
C) Noncontrolling interest share
D) Proceeds from the sale of land
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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) If the intercompany sale was an upstream sale, the total amount of consolidated cost of goods sold for 2012 will be
A) $300,000.
B) $430,000.
C) $470,000.
D) $477,000.
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Chapter 6: Intercompany Profit Transactions - Plant Assets
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Q1) In the eliminating/adjusting entries on consolidation working papers for 2012, the Truck account was
A) debited for $3,000.
B) credited for $3,000.
C) debited for $15,000.
D) credited for $15,000.
Q2) 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
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Page 8
Chapter 7: Intercompany Profit Transactions - Bonds
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Q1) If an affiliate purchases bonds in the open market, the book value of the intercompany bond liability at the time of purchase is
A) always assigned to the parent company because it has control.
B) the par value of the bonds less the unamortized discount or plus the unamortized premium.
C) par value.
D) the par value of the bonds plus the unamortized discount or less the unamortized premium.
Q2) There are several theories for allocating constructive gains or losses between purchasing and issuing affiliates.The Agency Theory
A) does so based on the par value of the bonds purchased.
B) assigns the entire constructive gain or loss to the parent based on their control of the decision to purchase the bonds.
C) assigns the entire constructive gain or loss to the subsidiary based on the need to have the noncontrolling interest share in the retirement of the debt.
D) assigns the entire constructive gain or loss to whichever company issued the bonds.
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9
Chapter 8: Consolidations - Changes in Ownership
Interests
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Q1) The acquisition of treasury stock by a subsidiary from noncontrolling shareholders at a price above book value
A) decreases the parent's share of subsidiary book value and decreases the parent's ownership percentage.
B) decreases the parent's share of subsidiary book value and increases the parent's ownership percentage.
C) increases the parent's share of subsidiary book value and decreases the parent's ownership percentage.
D) increases the parent's share of subsidiary book value and increases the parent's ownership percentage.
Q2) On January 1, 2011, assume the fair values of Savannah's identifiable assets and liabilities equal book values.What is the change in the amount of goodwill associated with the issuance of 80,000 additional shares to Goldberg? (Use four decimal places.)
A) Increase goodwill $38,176.
B) Decrease goodwill $38,176.
C) Increase goodwill $384,000.
D) Decrease goodwill $384,000.
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Page 10
Chapter 9: Indirect and Mutual Holdings
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Q1) Paglia Corporation owns 80% of Aburn Corporation and has separate net income of $200,000 for 2010.Aburn Corporation has separate net income of $100,000 and owns 70% of the outstanding stock of Badley Corporation.Badley Corporation has separate net income of $80,000.(Separate net incomes exclude investment income.)The cost of each investment was equal to book value and fair value.The controlling interest share of consolidated net income for 2010 is
A) $324,800.
B) $328,800
C) $344,800.
D) $344,800
Q2) The amount of income for the current year assigned to the noncontrolling shareholders of Badock Corporation is A) $100,000.
B) $104,000.
C) $120,000.
D) $140,000.
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Chapter 10: Subsidiary Preferred Stock, Consolidated
Earnings Per Share, and Consolidated Income Taxation
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Q1) How much should the Parminter's Investment in Sanchez-Common Stock, change during 2011?
A) $5,000
B) $20,000
C) $25,000
D) $30,000
Q2) A subsidiary has dilutive securities outstanding that include convertible bonds payable.The bonds are convertible into the parent's common stock.When calculating consolidated diluted earnings per share, the convertible bonds will affect
A) the numerator of consolidated diluted EPS only.
B) the denominator of consolidated diluted EPS only.
C) the numerator and denominator of consolidated diluted EPS.
D) None of the above will be affected.
Q3) What is the implied goodwill for Salter based on Pardy's purchase price for Salter on January 1, 2011?
A) $ 0
B) $ 35,000
C) $ 70,000
D) $100,000
Page 12
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Chapter 11: Consolidation Theories, Push-Down Accounting, and Corporate Joint Ventures
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Q1) Patane Corporation acquired 80% of the outstanding voting common stock of Sanlon Corporation on January 1, 2011, for $500,000.Sanlon Corporation's stockholders' equity at this date consisted of $250,000 in Capital Stock and $100,000 in Retained Earnings.The fair value of Sanlon's assets was equal to the book value of the assets except for land with a fair value $40,000 greater than its book value, and marketable securities with a fair value $50,000 greater than its book value.Sanlon also had a valuable patent with a fair value of $25,000 and a book value of zero because its development costs were expensed as incurred.The fair value of Sanlon's liabilities is $10,000 higher than the $40,000 book value.
Required:
Calculate the amount of goodwill under the parent company and entity theories of consolidation.
Q2) Under push-down accounting, the ________ of the acquired subsidiary's assets and liabilities are reported on the financial statements of the ________.
A) book value; subsidiary
B) book value; parent
C) fair value; subsidiary
D) present value; parent
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Chapter 12: Derivatives and Foreign Currency: Concepts and Common Transactions
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Q1) On November 14, 2011, Scuby Company (a U.S.corporation)enters into a transaction which is denominated in the Canadian dollar.Assume the exchange rate at November 14 is $1.03, and at the December 31 year-end reporting date, the exchange rate is $1.07.On January 27, 2012, when the transaction is settled, the exchange rate is $1.05.At the date of settlement, which of the following is correct?
A) The historical rate = $1.05, and the spot rate at which it is settled is the same as the current rate at $1.07.
B) The historical rate = $1.03, and the spot rate at which it is settled is the same as the current rate at $1.06.
C) The historical rate = $1.05, the current rate for reporting at December 31, 2011 is $1.07, and the spot rate at which it is settled is $1.03.
D) The historical rate = $1.03, the current rate for reporting at December 31, 2011 is $1.07, and the spot rate at which it is settled is $1.05.
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Chapter 13: Accounting for Derivatives and Hedging Activities
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Q1) Astrotuff Company is planning to purchase 200,000 pounds of nylon from Tangsun Company.On November 1, 2011, Astrotuff entered into a 90-day forward contract to hedge the planned purchase.The forward contract is to purchase 200,000 pounds of nylon at $1.80 per pound (forward rate at November 1, 2011).On November 1, 2011, the spot price of nylon is $1.75 per pound, but Astrotuff anticipates significant increases in the price of nylon.The forward contract is to be settled net.
On December 31, 2011, Astrotuff's year end, the forward rate to January 30, 2012 is $1.78 per pound.The spot and forward rates on January 30, 2012 are $1.85 per pound.Astrotuff uses a 6% discount rate relating to their hedging activity.Astrotuff purchases 200,000 pounds of nylon on January 30 when the forward contract expires.
Required:
Prepare the necessary journal entries to account for this cash flow hedge and related purchase of nylon.
Q2) What is the fair value of the forward contract at February 29?
A) $-0-
B) $1,654.97 asset
C) $1,654.97 liability
D) $1,680 asset
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Chapter 14: Foreign Currency Financial Statements
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Q1) Which of the following statements about the Current Rate method is false?
A) Translation involves restating the functional currency amounts into the reporting currency.
B) All assets and liabilities are translated at the current rate.
C) If the subsidiary maintains their books in their functional currency, the current rate method is used.
D) The effect of exchange rate changes are reported on the income statement as a foreign exchange gain or loss.
Q2) A foreign subsidiary's accounts receivable balance should be translated for the consolidated financial statements at
A) the appropriate historical rate.
B) the prior year's forecast rate.
C) the future rate for the next year.
D) the spot rate at year-end.
Q3) Which of the following assets and/or liabilities are considered monetary?
A) Intangible Assets and Plant, Property, and Equipment
B) Bonds Payable and Common Stock
C) Cash and Accounts Payable
D) Notes Receivable and Inventories carried at cost
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Page 16
Chapter 15: Segment and Interim Financial Reporting
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Q1) An enterprise has eight reporting segments.Five segments show an operating profit and three segments show an operating loss.In determining which segments are classified as reporting segments under the operating profits test, which of the following statements is correct?
A) The test value for all segments is 10% of consolidated net profit.
B) The test value for profitable segments is 10% or more of those segments reporting a profit, and the test value for loss segments is 10% or more of those segments reporting a loss.
C) The test value for loss segments is 10% of the greater of (a) the absolute value of the sum of those segments reporting losses, or (b) 10% of consolidated net profit.
D) The test value for all segments is 10% of the greater of (a) the absolute value of the sum of those segments reporting profits, or (b) the absolute value of the sum of those segments reporting losses.
Q2) What is the threshold for reporting a major customer?
A) 5 percent of revenues
B) 5 percent of profits
C) 10 percent of revenues
D) 10 percent of profits
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Page 17
Chapter 16: Partnerships - Formation, Operations, and Changes in Ownership Interests
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Q1) Which of the following is a reason to use a partnership as the legal form of a business?
A) Partnerships avoid the issue of mutual agency.
B) Partnerships avoid the issue of unlimited liability.
C) Partnerships avoid the issue of double-taxation faced by corporations.
D) Partnerships avoid the difficulty of raising capital.
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) If the partnership agreement provides a formula for the computation of a bonus to the partners, the bonus would be computed
A) next to last, because the final allocation is the distribution of the profit residual.
B) before income tax allocations are made.
C) after the salary and interest allocations are made.
D) in any manner agreed to by the partners in the partnership agreement.
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Chapter 17: Partnership Liquidation
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Q1) 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.
Q2) A simple partnership liquidation requires
A) periodic payments to creditors and partners determined by a safe payments schedule.
B) partnership assets to be converted into cash with full payment made to all outside creditors before remaining cash is distributed to partners.
C) only creditors to be paid in an orderly manner.
D) periodic payments to partners as cash becomes available.
Q3) Using a safe payment schedule, how much cash should Lola receive in the first distribution?
A) $ 81,000
B) $ 98,000
C) $168,600
D) $202,500
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Page 19
Chapter 18: Corporate Liquidations and Reorganizations
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Q1) 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.
1.An electric bill is received for $1,000 which had not yet been recorded by Trustin.
2.Inventory recorded net at $18,000 is sold for $16,000 cash.
3.Recorded patents in the amount of $7,000 are determined to be worthless and are written off.
4.Equipment recorded net at $24,000 is sold for $20,000 cash.
5.A building recorded net at $78,000 is sold for $87,000 cash.
6.Trustee fees of $2,500 are accrued.
7.The fully secured mortgage is paid in the amount of $70,000.
8.Wages payable that were recorded in the amount of $9,000 are paid.
9.An equipment lease, which was recorded as prepaid equipment lease, is cancelled and a $1,500 refund is received.
10.Accounts receivable amounting to $12,000 are collected, and an additional $3,000 is determined to be uncollectible.
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Chapter 19: An Introduction to Accounting for State and Local Governmental Units
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Q1) 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 governmental fund.
Q2) The following are transactions for the city of Springfield.
a.Borrowed $20,000 by issuing a three-month, 5% note.
b.Paid $4,000 for equipment.
c.Services for $1,000 were billed and collected.
d.Year-end accrual of 3 months interest on note in (a).
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) For each of the following transactions relating to the startup of a community pool, determine the fund(s)being affected and prepare the appropriate journal entry for each.Be sure to note the fund type with each journal entry prepared.
1.General obligation bonds are issued at face value of $500,000 to construct a new community pool.
2.Cash of $100,000 is received from a state grant.Grant is set up to support the construction of the community pool.
3.A community fund-raiser by a citizens' group raises $50,000 which is donated to the pool fund, with the restriction placed on it that only earnings are to be used for lifeguard wages, and the principal may not be used until such time as the pool ceases to operate, at which time the principal will revert to the general fund.
4.Construction is completed and the contractors invoices received, totaling $578,000.The invoices are paid within 60 days.
5.The balance of funds from the general obligation bonds and state grant that was not used is transferred to the General Fund.
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Chapter 21: Accounting for State and Local Governmental Units
- Proprietary and Fiduciary Funds
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Q1) Jefferson County had the following transactions in 2012.
1.$27,000 in membership fees was collected at the municipal pool.
2.A county collects $130,000 in sales taxes on behalf of the cities within its boundaries.
3.A $500,000 bond offering was issued at 102 to fund the construction of a new city hall.The premium on the bonds was transferred to the Debt Service Fund(nonreciprocal).
4.A private foundation contributes a stock portfolio with a fair value of $100,000 to the county.A trust agreement specifies the earnings on the fund is to be used by the local park which is owned and operated by a private foundation, and the principal is to be held intact indefinitely.
5.The county sends bills out for water and sewer provided to residents, amounting to $340,000.
Required:
Prepare the necessary journal entries for each of the above transactions for all funds affected.Be sure to identify the fund type for each entry.
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Chapter 22: Accounting for Not-For-Profit Organizations
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Q1) An alumnus made a donation of adjoining land to a not-for-profit, nongovernmental university.The donor made no specifications regarding the time period or use of the land.The university would record the gift as
A) an endowment asset.
B) temporarily restricted revenue.
C) unrestricted revenue.
D) permanently restricted support.
Q2) Record the following transactions for Porter Hospital, a private, nonprofit hospital: 1.Gross patient services revenues: $25,000,000.Billed to patients.
2.Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000.
3.Purchased equipment by issuing a 5-year note for $200,000.
4.Received cash donations restricted for a capital building addition program, $5,100,000. 5.Incurred and paid $1,700,000 of contractor billings for the capital building program.
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24
Chapter 23: Estates and Trusts
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Q1) Under the Uniform Probate Code, the personal representative must publish for what time period a notice in a newspaper of general circulation in the county in which the decedent resided?
A) For one week
B) For two weeks
C) For three weeks
D) For five weeks
Q2) Under the Uniform Probate Code, the term "personal representative" refers to which of the following?
A) An executor, but not an administrator
B) An administrator, but not an executor
C) Neither an executor nor an administrator
D) Either an executor or an administrator
Q3) What is the current annual gift amount that can be left to an individual donee, without being subject to a federal gift tax?
A) $6,500
B) $13,000
C) $19,500
D) $26,000
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