International Financial Reporting Standards (IFRS)
Chapter Exam Questions
Course Introduction
International Financial Reporting Standards (IFRS) is a comprehensive course that explores the key principles, frameworks, and applications of global accounting standards developed by the International Accounting Standards Board (IASB). Students will gain an in-depth understanding of how IFRS is used to prepare and present financial statements, ensuring transparency, comparability, and consistency in financial reporting across international boundaries. The course examines recognition, measurement, presentation, and disclosure requirements for a variety of transactions and events, emphasizing both theoretical concepts and practical implementation. Real-world case studies and current issues related to IFRS adoption and convergence with other accounting standards, such as US GAAP, are also discussed to prepare students for the complexities of global financial environments.
Recommended Textbook
Advanced Accounting International 11th edition by Floyd A. Beams
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Page 2
Chapter 1: Business Combinations
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Q1) Picasso Co.issued 5,000 shares of its $1 par common stock,valued at $100,000,to acquire shares of Seurat Company in an all-stock transaction.Picasso paid the investment bankers $35,000 and will treat the investment banker fee as
A)an expense for the current year.
B)a prior period adjustment to Retained Earnings.
C)additional goodwill on the consolidated balance sheet.
D)a reduction to additional paid-in capital.
Answer: D
Q2) Durer Inc.acquired Sea Corporation in a business combination and Sea Corp went out of existence.Sea Corp developed a patent listed as an asset on Sea Corp's books at the patent office filing cost.In recording the combination,
A)fair value is not assigned to the patent because the research and development costs have been expensed by Sea Corp.
B)Sea Corp's prior expenses to develop the patent are recorded as an asset by Durer at purchase.
C)the patent is recorded as an asset at fair market value.
D)the patent's market value increases goodwill.
Answer: C
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Page 3
Chapter 2: Stock Investments Investor Accounting and Reporting
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Q1) Pond Corporation uses the fair value method of accounting for its investment in Swan Company.Which one of the following events would affect the Investment in Swan Co.account?
A)Investee losses
B)Investee dividend payments
C)An increase in the investee's share price from last period
D)All of the above would affect the Investment in Swan Co.account.
Answer: C
Q2) What method of accounting will generally be used when one company purchases between 20% to 50% of the outstanding stock of another company?
A)Only the fair value method may be used.
B)Only the equity method may be used.
C)Either the fair value method or the equity method may be used,depending upon the relationship between the companies.
D)Neither the fair value method nor the equity method may be used,regardless of the level of ownership.
Answer: C
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4
Chapter 3: An Introduction to Consolidated Financial Statements
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Q1) On June 1,2011,Puell Company acquired 100% of the stock of Sorrell Inc.On this date,Puell had Retained Earnings of $100,000 and Sorrell had Retained Earnings of $50,000.On December 31,2011,Puell had Retained Earnings of $120,000 and Sorrell had Retained Earnings of $60,000.The amount of Retained Earnings that appeared in the December 31,2011 consolidated balance sheet was
A)$120,000.
B)$130,000.
C)$170,000.
D)$180,000.
Answer: A
Q2) Pomograte Corporation bought 75% of Sycamore Company's common stock,with a book value of $900,000,on January 2,2011 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 2,2011?
A)$675,000
B)$695,000
C)$750,000
D)$845,000
Answer: C
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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) 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
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Chapter 5: Intercompany Profit Transactions - Inventories
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Q1) A(n)________ sale is a sale by a parent company to a subsidiary.A(n)________ sale is a sale by a subsidiary to a parent company.
A)deferred;realized.
B)realized;deferred.
C)upstream;downstream
D)downstream;upstream
Q2) Pirate Transport bought 80% of the outstanding voting stock of Seaways Shipping at book value several years ago.(At the time of purchase,the fair value and book value of Seaways' net assets were equal. )Pirate sells merchandise to Seaways at 120% above Pirate's cost.Intercompany sales from Pirate to Seaways for 2012 were $450,000.Unrealized profits in Seaways' December 31,2011 inventory and December 31,2012 inventory were $17,000 and $15,000,respectively.Seaways reported net income of $750,000 for 2012.
Required:
1.Determine Pirate's income from Seaways 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.
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7
Chapter 6: Intercompany Profit Transactions - Plant Assets
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Q1) An elimination entry at December 31,2011 for the intercompany sale will include a
A)credit of $6,000 to Depreciation Expense.
B)credit of $6,000 to Accumulated Depreciation.
C)credit of $6,000 to Equipment.
D)credit of $6,000 to Gain on Sale of Equipment.
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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Chapter 7: Intercompany Profit Transactions - Bonds
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Q1) Bond Interest Receivable for 2011 of Pfadt's bonds on Senat's books was
A)$5,400.
B)$6,000.
C)$10,800.
D)$12,000.
Q2) Platts Incorporated purchased 80% of Scarab Company several years ago when the fair value equaled the book value.On January 1,2010,Scarab has $100,000 of 8% bonds that were issued at face value and have five years to maturity.Interest is paid annually on December 31.Both Platts and Scarab would use the straight-line method to amortize any premium or discount incurred in the issuance or purchase of bonds.On January 1,2011,Platts purchased all of Scarab's bonds for $96,000.
Required:
1.Prepare the journal entries in 2011 that would be recorded by Platts and Scarab on their separate financial records.
2.Prepare the consolidating working paper entries required for the year ending December 31,2011.
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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) 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
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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) Bailey's noncontrolling interest share for 2011 is
A)$7,609.
B)$8,044.
C)$15,652.
D)$23,696.
Q3) Noncontrolling interest share for Achille is
A)$18,000.
B)$25,200.
C)$36,200.
D)$72,000.
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Chapter 10: Subsidiary Preferred Stock, consolidated
Earnings Per Share, and Consolidated Income Taxation
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Q1) What is the implied goodwill for Salter based on Pardy's purchase price for Salter on January 1,2011?
A)$ 0
B)$ 35,000
C)$ 70,000
D)$100,000
Q2) Peyton Corporation owns an 80% interest in Sampe Corporation's common stock.Throughout 2011,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
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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) Under GAAP,the ________ will include the variable interest entity in consolidated financial statements.
A)special purpose entity
B)limited liability company
C)trust
D)primary beneficiary
Q3) Noncontrolling interest share was reported in the 2011 consolidated income statement at
A)$5,000.
B)$6,000.
C)$8,000.
D)$10,000.
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Chapter 12: Derivatives and Foreign Currency: Concepts and Common Transactions
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Q1) When the billing for a U.S.company's sale to a company in a foreign country is denominated in U.S.dollars,________ is required when preparing journal entries for the sale.
A)translation to a foreign currency
B)conversion to a foreign currency
C)translation to U.S.dollars
D)no translation
Q2) Crabby Industries,a U.S.corporation,purchased inventory from a company in Sweden on November 18,2011 when the Swedish krona was trading at 1 krona = $0.161.The transaction was for 600,000 krona,and was to be paid in krona in 90 days.Crabby closed their books at December 31 for financial reporting purposes when the krona was trading at $0.167.On February 16,2012,Crabby paid the invoice when the krona was trading at $0.156.
Required:
Show the journal entries recorded by Crabby on November 18,2011,December 31,2011,and February 16,2012.
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Page 14
Chapter 13: Accounting for Derivatives and Hedging
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Q1) Cirtus Corporation,a U.S.corporation,placed an order for inventory from a Mexican supplier on September 18 when the spot rate was $0.0840 = 1 peso.The invoice price will be denominated in pesos.At that time,they entered into a 30-day forward contract (designated as a fair value hedge of the firm commitment to purchase)to purchase 860,000 pesos at a forward rate of $0.0810.On October 18 when the inventory was received,the spot rate was $0.0890.At what amount should the inventory be carried on Cirtus' books?
A)$69,660
B)$72,240
C)$76,540
D)$860,000
Q2) Assuming a present value factor of 1 for simplicity,what is the fair value of this forward contract on January 31?
A)$-0-
B)$ 60 asset
C)$160 liability
D)$200 liability
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Chapter 14: Foreign Currency Financial Statements
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Q1) Which of the following foreign subsidiary accounts will have the same value on consolidated financial statements,regardless of whether the statements are remeasured or translated?
A)Trademark
B)Deferred Income
C)Accounts Receivable
D)Goodwill
Q2) Selvey Inc.is a wholly-owned subsidiary of Parsfield Incorporated,a U.S.firm.The country where Selvey operates is determined to have a highly inflationary economy according to GAAP definitions.Therefore,for purposes of preparing consolidated financial statements,the functional currency is
A)its reporting currency.
B)its current rate method currency.
C)the US dollar.
D)its local currency.
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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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) On July 1,2011,Joe,Kline,and Lama began a partnership in which Joe and Kline each contributed cash of $200,000;and Lama contributed property with a fair value of $100,000 and a tax basis $150,000.Joe receives a 10% bonus of partnership income.Kline and Lama receive salaries of $40,000 each.The partnership agreement of Joe,Kline,and Lama provides that all partners receive 5% interest on capital and that profits and losses of the remaining income be distributed to Joe,Kline,and Lama by a 1:1:3 ratio.
Required:
Prepare a schedule to distribute $225,000 of partnership net income to the partners.
Q2) How much cash must Oran invest to acquire a one-fifth interest?
A)$235,000
B)$141,000
C)$293,750
D)$301,250
Q3) What partnership capital will Robert have after Quincy retires?
A)$200,000
B)$280,000
C)$360,000
D)$440,000
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Chapter 17: Partnership Liquidation
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Q1) Using a safe payment schedule,how much cash should Lola receive in the first distribution?
A)$ 81,000
B)$ 98,000
C)$168,600
D)$202,500
Q2) If all partners are included in the first installment of an installment liquidation,then in future installments
A)cash will be distributed according to the residual profit and loss sharing ratios.
B)cash should not be distributed until all non-cash assets are converted into cash.
C)vulnerability rankings for each partner should be prepared.
D)a cash distribution plan must be prepared so that partners will know when they will be included in cash distributions.
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Chapter 18: Corporate Liquidations and Reorganizations
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Q1) Chapter 7 bankruptcy cases differ from Chapter 11 bankruptcy cases because Chapter 7 bankruptcy
A)is involuntary.
B)requires a reorganization plan that is approved by the court.
C)requires the debtor corporation to file a list of creditors,schedule of assets and liabilities,and work with a trustee.
D)leads to full liquidation of the bankrupt company.
Q2) 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.
Q3) 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.
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Chapter 19: An Introduction to Accounting for State and Local Governmental Units
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Q1) The modified accrual basis of accounting is used for A)governmental funds.
B)proprietary funds.
C)internal service funds.
D)both A and C.
Q2) Governmental fund financial statements are prepared on the ________ basis of accounting.Proprietary fund financial statements are prepared on the ________ basis of accounting.
A)modified accrual;modified accrual
B)accrual;fund
C)modified accrual;accrual
D)blended;discrete
Q3) The accounting equation for a governmental fund is
A)Assets = Liabilities + Equity.
B)Current assets + Noncurrent assets - Current liabilities - Noncurrent liabilities = Net assets.
C)Current assets - Current liabilities = Fund Balance.
D)Assets = Liabilities + Fund Balance.
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Chapter 20: Accounting for State and Local Governmental Units
- Governmental Funds
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Q1) Governments must record a liability for uncollected taxes instead of revenues for uncollected taxes if the taxes are going to be collected
A)30 days after the fiscal year end.
B)45 days after the fiscal year end.
C)60 days after the fiscal year end.
D)120 days after the fiscal year end.
Q2) A Capital Projects Fund awards the construction of a building to a construction contractor at a contract cost of $1,000,000.What entry is prepared by the Capital Projects Fund?
A)Debit Expenditures $1,000,000,Credit Liability $1,000,000
B)Debit Building $1,000,000,Credit Expenditures $1,000,000
C)Debit Other Financing Uses $1,000,000,Credit Expenditures $1,000,000
D)Debit Encumbrances $1,000,000,Credit Reserve for Encumbrances $1,000,000
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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Chapter 21: Accounting for State and Local Governmental Units
- Proprietary and Fiduciary Funds
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Q1) Platinum City collects state sales taxes quarterly from local businesses and then gives the state revenue department the money at the end of the year.The sales taxes would go in Platinum City's
A)special revenue fund.
B)general fund.
C)agency fund.
D)enterprise fund.
Q2) Proceeds from bonds issued for the construction of capital assets are classified on the Statement of Cash Flows for an Enterprise Fund as
A)Cash Flows from Operating Activities.
B)Cash Flows from Noncapital Financing Activities.
C)Cash Flows from Capital and Related Financing Activities.
D)Cash Flows from Investing Activities.
Q3) What basis of accounting is used by proprietary funds?
A)Modified accrual accounting
B)Accrual accounting
C)Cash basis accounting
D)Fair value accounting
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Chapter 22: Accounting for Not-For-Profit Organizations
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Q1) A private,not-for-profit university received donations of $800,000 in 2011 that were restricted to capital improvements of the football stadium.The university spent $670,000 on capital improvements for the stadium in 2011 and recorded depreciation of $130,000. In 2011,an alumnus contributed a $1,500,000 endowment for football scholarships with all endowment income restricted for that purpose.Endowment income totaled $75,000 for the year and scholarship awards were $68,000.
Required:
Prepare the appropriate journal entries for the university for these transactions.
Q2) Voluntary health and welfare organizations classify fund-raising costs as A)costs of services sold.
B)program services.
C)auxiliary expenses.
D)supporting services.
Q3) In a nongovernmental,nonprofit hospital,contractual adjustments are
A)the discounted rate given to hospital employees.
B)discounts arranged with third-party payors.
C)recorded as a deduction from revenue or as an expense.
D)additional amounts paid by select group participants.
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Chapter 23: Estates and Trusts
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Q1) Avery died testate early in 2011.The following transactions occurred relating to Avery's estate.
1.Avery's estate included bonds with a fair (market)value of $120,000.On the date of Avery's death,there was $2,000 of accrued but unpaid interest.Two months after Avery's death,a check arrived in the amount of $3,000,representing the normal semiannual interest payment.
2.Avery's will stated a specific transfer to the Bird Sanctuary in the amount of $10,000.Avery's estate should be adequate to cover all obligations and devises,and the amount is paid.
3.Funeral expenses amounted to $12,500.
4.A bank statement is received from the First National Bank indicating a cash balance of $8,600.This bank account was not known or included on the estate inventory.
5.Probate fees are paid to the court amounting to $900.
Required:
Prepare the journal entries for the listed transactions.Disregard the impact of estate and income taxes.
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