Graduate Accounting Seminar
Pre-Test Questions
Course Introduction
The Graduate Accounting Seminar is an advanced course designed to engage students in critical analysis of contemporary accounting issues, research methodologies, and current developments in the field. Through a combination of case studies, scholarly readings, and group discussions, students will explore both theoretical frameworks and practical applications related to financial reporting, auditing, and regulatory standards. Emphasis is placed on the evaluation of emerging trends, ethical considerations, and the impact of global markets on the accounting profession. This seminar fosters scholarly inquiry and equips students with the analytical skills necessary for professional advancement and further research in accounting.
Recommended Textbook
Modern Advanced Accounting in Canada 6th Edition by Murray Hilton
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12 Chapters
691 Verified Questions
691 Flashcards
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Chapter 1: A Survey of International Accounting
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Sample Questions
Q1) Countries are MOST likely to have similar accounting policies when:
A)they have greater political and economic ties.
B)they share a common language.
C)they are close to each other geographically.
D)their economies are of a similar size.
Answer: A
Q2) If a country's accounting income does not differ significantly from its taxable income,one would reasonably expect:
A)extreme conservatism on the part of accountants.
B)a significant amount of Deferred Taxes on the Balance Sheet.
C)that the use of LIFO would be more prevalent.
D)extreme conservatism on the part of accountants as well as increased use of LIFO.
Answer: A
Q3) At present,Canada's accounting policies most resemble those of which nation?
A)The United Kingdom.
B)The United States.
C)The European Union (EU)
D)Australia
Answer: B
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Chapter 2: Investments in Equity Securities
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Sample Questions
Q1) What is the dominant factor used to distinguish portfolio from significant influence investments?
A)Use of the Cost Method.
B)Use of the Equity Method.
C)The investor intends to establish or maintain a long term relationship.
D)Ownership guidelines are the dominant factor.
Answer: C
Q2) What is the amount of Goodwill arising from ABC's acquisition of DEF?
A)($100,000)
B)$ 28,000
C)$ 80,000
D)$100,000
Answer: B
Q3) The difference between the Investor's cost and the Investor's percentage of the net identifiable assets of the Associate is known as:
A)goodwill.
B)the Acquisition Differential.
C)the Fair Value Increment.
D)the Excess Book Value.
Answer: B
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Chapter 3: Business Combinations
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Sample Questions
Q1) One company is considering entering into a business combination with another.The potential acquirer wishes to acquire the subsidiary's assets and liabilities but wishes to prepare Consolidated Financial Statements using the Fair Market Values of its own assets and liabilities as well of those of its potential subsidiary.Can this be accomplished?
A)Yes,this is permissible under the Pooling of Interests method)
B)Yes,this is permissible under the Purchase Method under certain circumstances.
C)Yes,this would be possible,but only if the New Entity Method is used)
D)No,this would not be possible under any circumstances as it would be a violation of GAAP.
Answer: C
Q2) Assume that both companies would be wound up and a new company called ABCDEF Inc.was created in its place.Prepare the Balance Sheet to reflect this occurrence as at July 1,2008.The new entity would have10,000 voting shares issued to the current shareholders for a total market value of $1,222,000.
Answer: 11ea8eda_c5fe_8db2_9698_bb0a80da4164_TB4094_00_TB4094_00
Q3) Assume that Intron's Assets and Liabilities were purchased instead of its shares for $300,000.Prepare the journal entry to record this purchase.
Answer: 11ea8eda_c603_48a7_9698_653e76b52d66_TB4094_00_TB4094_00
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Page 5
Chapter 4: Consolidated Statements on Date of Acquisition
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Sample Questions
Q1) Under "push-down" accounting,a subsidiary's assets and liabilities are revalued using:
A)fair market values.
B)Lower of Cost and Market principles.
C)the parent's acquisition cost.
D)the net asset values (NAV).
Q2) Non-Controlling Interest is presented under the Liabilities section of the Consolidated Balance Sheet using the:
A)the Entity Theory.
B)the Proprietary Theory.
C)the Parent Company Theory.
D)both the Parent Company Theory and the Proprietary Theory.
Q3) One commonly cited weakness of Consolidated Financial Statements is that: A)they lack completeness.
B)they are of little use to end-users.
C)divergent accounting practices between Parent and its Subsidiary may often yield misleading results.
D)a poor performance by one or more subsidiaries can be masked through the aggregation process.
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Chapter 5: Consolidation Subsequent to Acquisition Date
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Sample Questions
Q1) The amount of bonds payable appearing on Big Guy's Consolidated Balance Sheet on July 1,2004 would be:
A)$330,000.
B)$317,800.
C)$347,200.
D)$309,000.
Q2) Assume that Stanton had other Intangible assets with indefinite lives on its books at the date of acquisition.How would the impairment test differ from question 67 above,if at all? A simple explanation is required)Please do not use any numbers to support your answer.
Q3) The amount of Accounts Receivable appearing on Big Guy's Consolidated Balance Sheet as at July 1,2004 would be:
A)$325,000.
B)$305,000.
C)$314,000.
D)$270,000.
Q4) Prepare Brand X's Consolidated Balance Sheet as at December 31,2001,assuming that Brand X purchased 80% of Brand Y for $350,000.Assume the Entity Method is applied)
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Chapter 6: Intercompany Inventory and Land Profits
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Sample Questions
Q1) What would be the amount of the acquisition differential amortized during 2009?
A)$2,000
B)$82,000
C)$78,000
D)$40,000
Q2) What would be the amount appearing on the December 31,2009 Consolidated Statement of Financial Position for bonds payable?
A)$234,400.
B)$236,000.
C)$240,000.
D)$216,000.
Q3) Assuming that X Inc.used the equity method,what adjustment would have to be made to the investment in Y account to adjust for any unrealized profits on Y's sales to X?
A)No adjustment would be required.
B)The account would have to be reduced by $400.
C)The account would have to be reduced by $160.
D)The account would have to be reduced by $200.
Q4) Compute MAX's Consolidated Net Income for 2009.
Q5) Calculate Consolidated Retained Earnings as at June 30,2010.
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Chapter 7: Aintercompany Profits in Depreciable Assets
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Sample Questions
Q1) What amount of sales revenue would appear on King's Consolidated Income Statement for the year ended December 31,2009?
A)$750,000
B)$790,000
C)$800,000
D)$810,000
Q2) Ignoring income taxes and any minority interest effects,what is the amount of profit realized during 2009 from the intercompany sale of equipment?
A)Nil
B)$5,000
C)$8,000
D)$4,000
Q3) Prepare a summary of intercompany interest revenues and expenses.
Q4) What effect would the intercompany bond sale have on Ting's December 31,2010 Consolidated Income Statement?
A)Ting would record a gain of $5,000.
B)Ting would record a gain of $10,000.
C)Ting would record a loss of $15,000.
D)Ting would record a loss of $5,000.
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Chapter 8: Consolidated Cash Flows and Ownership Issues
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Sample Questions
Q1) Compute the Goodwill on the date of the acquisition.
Q2) What effect (if any)would Hanson's January 1,2010 purchase have on the company's consolidated cash flows for the year?
A)There would be no effect.
B)There would be a decrease in cash of $45,000 to the consolidated entity.
C)There would be a decrease in cash of $200,000 to the consolidated entity.
D)There would be a decrease in cash of $236,000 to the consolidated entity.
Q3) A owns 80% of B,which in turn owns 55% of C.Which of the following statements is correct?
A)A has direct control over C.
B)A has indirect control over C.
C)A has no control over C.
D)A has contingent control over C.
Q4) The amount of goodwill appearing on the December 31,2009 Consolidated Balance Sheet would be:
A)$10,000
B)$20,000
C)$30,000
D)Nil.
Q5) Compute consolidated inventory for Ash as at December 31,2009.
Page 10
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Chapter 9: Other Consolidated Reporting Issues
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Sample Questions
Q1) What is the total amount of intercompany sales and purchases that must be eliminated from the financial statements?
A)$24,000
B)$20,000
C)$80,000
D)$120,000
Q2) Calculate the gain on the contribution of equipment and prepare the journal entries to record the events on January 1 and December 31,2009.Also calculate under the equity method X Ltd.'s share of net income and the amount it will recognize.
Q3) What is the amount of the Deferred Tax Asset or Liability on December 31,2011?
A)a Deferred Tax Asset of $1,350
B)a Deferred Tax Asset of $1,675
C)a Deferred Tax Liability of $1,350
D)a Deferred Tax Liability of $375
Q4) Prepare A Corp.'s equity method journal entries for 2010,assuming that the assets donated by B Corp.included cash in the amount of $400,000.
Q5) Prepare Alpha's Balance Sheet as at December 31,2010.
Q6) Prepare Alcor's Consolidated Balance Sheet as at December 31,2010.
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Chapter 10: Foreign Currency Transactions
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Sample Questions
Q1) What is the amount of the Liability to the bank recorded on the commitment date?
A)$686,700
B)$697,500
C)$701,400
D)$703,500
Q2) Prepare any and all journal entries arising from this transaction.
Q3) At what amount (in Canadian Dollars)would RXN's sale be recorded initially?
A)$349,500
B)$343,500
C)$348,000
D)$350,400
Q4) Prepare the journal entries to record the receipt of the 500,000 Yen on March 1,2014,assuming that Canada Corp did not enter into a hedge transaction in December 2013.
Q5) At what value did CMI record the initial sale to its American distributor?
A)$120,000 U.S.
B)$120,000 CDN.
C)$136,920 CDN.
D)$105,171 CDN.
Q6) Compute the carrying value of the investment at the end of each year:
Page 12
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Chapter 11: Translation and Consolidation of the Financial
Statements of Foreign Operations
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Sample Questions
Q1) According to IAS 29,the term "hyper- inflationary" means:
A)an annual inflation rate of 50%.
B)an annual inflation rate of 100%.
C)a cumulative inflation rate of 100% over a 3-5 year period.
D)it does not establish a rate which is deemed to be hyper-inflation.
Q2) Which of the following rates would be used to translate the company's beginning retained earnings?
A)$1CDN=$0.815 U.S.
B)$1CDN=$0.8175 U.S.
C)$1CDN=$0.8250 U.S.
D)$1CDN=$0.83 U.S.
Q3) What is the amount of the gain or loss arising from translation?
A)A $750 Loss.
B)A $5,000 Loss.
C)A $3,750 Gain.
D)A $307 Loss.
Q4) Translate Wilsen's December 31,2014 Balance Sheet.
Q5) Translate Martin's December 31,2011 Balance Sheet into Canadian dollars.
Q6) Calculate the exchange gain or loss that would result from the translation of Wilsen's Financial Statements. Page 13
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Chapter 12: Accounting for Not-For-Profit Organizations and
Governments
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Sample Questions
Q1) Which of the following statements is NOT correct?
A)A contribution receivable should be recognized as an asset when the amount can be reasonable estimated and the ultimate collection is reasonably assured.
B)A contribution receivable should be recognized as an asset when the amount can be reasonable estimated or the ultimate collection is reasonably assured.
C)A contribution receivable is one where in the contributor receives nothing directly in return for his or her contribution.
D)Government grants may qualify as contributions receivable.
Q2) Which of the following is NOT a type of contribution as identified by the Handbook?
A)Restricted
B)Endowment
C)Unrestricted
D)Donated
Q3) Assuming that the assets were purchased from a restricted fund contribution in the amount of $11,000,prepare the required journal entries for 2014,indicating the fund or funds to be used.
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