Seminar in Financial Accounting Exam Materials
Course Introduction
This course offers an in-depth exploration of contemporary topics and advanced issues in financial accounting. Students will engage with current research, emerging trends, and complex accounting problems through readings, case studies, and seminar-style discussions. The course emphasizes critical analysis and interpretation of financial statements, recent developments in accounting standards, and the implications for corporate reporting. Participants are expected to present on selected topics, fostering collaborative learning and advanced understanding suited for academic or professional advancement in accounting.
Recommended Textbook
Advanced Financial Accounting 11th Edition by Theodore Christensen
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21 Chapters
1386 Verified Questions
1386 Flashcards
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Chapter 1: Intercorporate Acquisitions and Investments in Other Entities
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Q1) Based on the preceding information,what is the fair value of Lenore's net assets,if goodwill of $56,000 is recorded?
A) $306,000
B) $244,000
C) $194,000
D) $300,000
Answer: C
Q2) Based on the preceding information,for Delta:
A) no goodwill should be reported at year-end.
B) goodwill impairment of $15,000 should be recognized at year-end.
C) goodwill impairment of $20,000 should be recognized at year-end.
D) goodwill of $30,000 should be reported at year-end.
Answer: B
Q3) Based on the preceding information,Regan Company will report
A) additional paid-in capital of $0.
B) additional paid-in capital of $150,000.
C) additional paid-in capital of $162,000.
D) additional paid-in capital of $180,000.
Answer: C
Page 3
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Chapter 2: Reporting Intercorporate Investments and
Consolidation of Wholly Owned Subsidiaries With No
Differential
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Q1) Based on the preceding information,what amount of total assets did Alpha report in its balance sheet immediately after the acquisition?
A) $1,100,000
B) $1,000,000
C) $800,000
D) $1600,000
Answer: C
Q2) Based on the preceding information,what amount of stockholders' equity was reported in the consolidated balance sheet immediately after acquisition?
A) $200,000
B) $230,000
C) $380,000
D) $430,000
Answer: B
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4
Chapter 3: The Reporting Entity and Consolidation of
Less-Than-Wholly-Owned Subsidiaries With No Differentials
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Q1) Based on the preceding information,what amount will Jane Company report as common stock outstanding in its consolidated balance sheet at December 31,20X9?
A) $120,000
B) $180,000
C) $156,000
D) $264,000
Answer: A
Q2) Based on the preceding information,what amount would be reported as total liabilities in the consolidated balance sheet at December 31,20X9?
A) $330,000
B) $712,000
C) $318,000
D) $130,000
Answer: A
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Chapter 4: Consolidation of Wholly Owned Subsidiaries
Acquired at More Than Book Value
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Sample Questions
Q1) Based on the preceding information,what amount of differential is implicit in the acquisition if the acquisition price was $280,000?
A) $10,000
B) $20,000
C) $25,000
D) $30,000
Q2) Based on the information provided,what amount of inventory will be included in the consolidated balance sheet immediately following the acquisition?
A) $60,000
B) $75,000
C) $15,000
D) $45,000
Q3) Based on the preceding information,what amount of goodwill will be reported in the consolidated balance sheet on the acquisition date if the acquisition price was $280,000?
A) $10,000
B) $20,000
C) $30,000
D) $35,000
6
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Chapter 5: Consolidation of Less-Than-Wholly-Owned
Subsidiaries Acquired at More Than Book Value
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Q1) Based on the preceding information,what amount of inventory will be included in the consolidated balance sheet immediately following the acquisition?
A) $0
B) $65,000
C) $70,000
D) $60,000
Q2) Based on the preceding information,what amount of differential would Paris amortize during 20X6 in its equity method journal entries?
A) $13,200
B) $15,000
C) $22,000
D) $30,000
Q3) Based on the information given,what amount will be reported as total controlling interest in the consolidated balance sheet?
A) $254,000
B) $285,000
C) $364,000
D) $395,000
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Chapter 6: Intercompany Inventory Transactions
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Q1) Based on the information given above,what amount of cost of goods sold will be reported in the 20X6 consolidated income statement?
A) $90,000
B) $108,000
C) $120,000
D) $135,000
Q2) Based on the information given above,what inventory balance will be reported by the consolidated entity on December 31,20X6?
A) $3,000
B) $12,000
C) $15,000
D) $25,000
Q3) Based on the information given above,what amount of cost of goods sold did XYZ record in 20X8?
A) $2,765,000
B) $1,620,000
C) $1,422,000
D) $2,963,000
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8
Chapter 7: Intercompany Transfers of Services and
Noncurrent Assets
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Q1) Based on the information provided,in the preparation of the 20X5 consolidated income statement,depreciation expense will be
A) debited for $350 in the consolidation entries.
B) credited for $350 in the consolidation entries.
C) debited for $700 in the consolidation entries.
D) credited for $700 in the consolidation entries.
Q2) Based on the information provided,in the preparation of the 20X8 consolidated financial statements,building will be _____ in the consolidating entries.
A) debited for $33,000
B) debited for $36,000
C) credited for $36,000
D) debited for $3,000
Q3) Based on the preceding information,what amount of receivable/payable should be eliminated in the 20X8 consolidated financial statements?
A) $125,432
B) $7,900
C) $5,560
D) $140,000
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Chapter 8: Intercompany Indebtedness
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Q1) Based on the information given above,what amount of premium on bonds payable will be eliminated in the preparation of the December 31,20X9 consolidated financial statements?
A) $5,097
B) $3,568
C) $5,614
D) $3,930
Q2) Based on the information given above,in the preparation of the 20X3 consolidated financial statements,premium on bonds payable will be
A) credited for $95,766 in the consolidation entries.
B) debited for $95,766 in the consolidation entries.
C) credited for $100,784 in the consolidation entries.
D) debited for $100,784 in the consolidation entries.
Q3) Based on the information given above,what amount of interest expense will be eliminated in the preparation of the December 31,20X9 consolidated financial statements?
A) $13,292
B) $18,988
C) $16,296
D) $9,483
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Chapter 8: Appendix A: Intercompany Indebtedness
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Q1) Based on the information given above,what amount of interest expense should be reported in the 20X8 consolidated income statement?
A) $6,000
B) $6,500
C) $5,000
D) $10,000
Q2) Based on the information given above,in the preparation of the 20X8 consolidated financial statements,interest income will be:
A) debited for $11,500 in the consolidating entries.
B) credited for $11,500 in the consolidating entries.
C) debited for $16,000 in the consolidating entries.
D) credited for $16,000 in the consolidating entries.
Q3) Based on the information given above,what amount of gain or loss on bond retirement will be reported in the 20X8 consolidated financial statements?
A) $17,000 loss
B) $12,800 loss
C) $18,500 gain
D) $22,200 gain
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Chapter 9: Consolidation Ownership Issues
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Q1) Based on the preceding information,what is the portion of Safety's retained earnings assignable to its preferred shareholders on January 1,20X6?
A) $52,000
B) $44,000
C) $36,000
D) $28,000
Q2) Based on the information provided,the equity-method income recorded by A Company is:
A) $125,000
B) $200,000
C) $170,000
D) $181,250
Q3) Based on the preceding information,what is Pisa's new ownership interest?
A) 84 percent
B) 55 percent
C) 70 percent
D) 64 percent
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Chapter 10: Additional Consolidation Reporting Issues
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Q1) Based on the information provided,what is the amount of consolidated retained earnings as of December 31,20X8?
A) $340,000
B) $250,000
C) $338,000
D) $388,000
Q2) Based on the information provided,what amount was reported as dividends paid in the cash flow from financing activities section of the consolidated statement of cash flows?
A) $60,000
B) $48,000
C) $40,000
D) $20,000
Q3) Based on the preceding information,what was the change in cash balance for the consolidated entity for 20X9?
A) Increase of $49,000
B) Decrease of $66,000
C) Increase of $17,000
D) Increase of $32,000
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Page 13
Chapter 11: Multinational Accounting: Foreign Currency
Transactions and Financial Instruments
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Q1) Based on the information given above,how many U.S.dollars must be paid for a purchase of goods costing 20,000 Swedish krona?
A) $131,062
B) $20,742
C) $19,285
D) $3.052
Q2) Based on the preceding information,what is the net gain or loss on the euro speculative contract?
A) $8,000 gain
B) $6,000 gain
C) $3,000 loss
D) $1,000 loss
Q3) An investor purchases a put option with a strike price of $100 for $3.This option is considered "in the money" if the underlying is trading:
A) below $100.
B) at $100.
C) above $100.
D) above $103.
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Chapter 12: Multinational Accounting: Issues in Financial
Reporting and Translation of Foreign Entity Statements
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Q1) Gains from remeasuring a foreign subsidiary's financial statements from the local currency,which is not the functional currency,into the company's functional currency should be reported as a(n)
A) Deferred foreign exchange gain.
B) Part of continuing operations.
C) Separate component of stockholders' equity.
D) Extraordinary item, net of income taxes.
Q2) If the restatement method for a foreign subsidiary involves remeasuring from the local currency into the functional currency,then translating from functional currency to U.S.dollars,the functional currency of the subsidiary is:
I.U.S.dollar.
II.Local currency unit.
III.A third country's currency.
A) I
B) III
C) II
D) Either I or II
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Chapter 13: Segment and Interim Reporting
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Q1) All of the following are differences between international standards and U.S.GAAP regarding operating segments,except:
A) IFRS requires disclosures about geographical segments, not business segments.
B) IFRS requires two different bases of segmentation, a primary basis and a secondary basis.
C) IFRS required more disclosure for primary segments
D) The amounts disclosed under IFRS are based on the same accounting policies as the financial statements, not based on amounts reported to the chief operating decision maker.
Q2) During the third quarter of 20X4,Ripley Company sold a piece of equipment at a $10,000 gain.What portion of the gain should Ripley report in its income statement for the third quarter of 20X4?
A) $10,000
B) $7,500
C) $2,500
D) $0
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Chapter 14: Sec Reporting
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Q1) Pro forma disclosures are:
A) used to disclose unscheduled material events.
B) interim financial statements need not be audited.
C) materials submitted to shareholders for votes on corporate matters.
D) "what-if" presentations often taking the form of summarized financial statements.
Q2) Regulation D of the SEC presents important exemptions from full registration requirements for:
A) private placements.
B) issuances of securities by savings and loan associations.
C) issuances of securities by common carriers regulated by the Interstate Commerce Commission.
D) foreign companies.
Q3) Form 10-K
Q4) Which of the following forms is the most comprehensive registration statement?
A) Form S-1
B) Form F-2
C) Form S-3
D) Form S-2
Q5) Staff Accounting Bulletins
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Chapter 15: Partnerships: Formation,operation,and
Changes
in Membership
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Q1) Refer to the information provided above.Erin invests $52,000 for a one-fifth interest.What amount of goodwill will be recorded?
A) $7,000
B) $28,000
C) $50,000
D) $80,000
Q2) A partner's tax basis in a partnership is comprised of which of the following items?
I.The partner's tax basis of assets contributed to the partnership.
II.The amount of the partner's liabilities assumed by the other partners.
III.The partner's share of other partners' liabilities assumed by the partnership.
A) I plus II minus III
B) I plus II plus III
C) I minus II plus III
D) I minus II minus III
Q3) The ABC partnership had net income of $100,000 for 20X9.They allocate profits and losses in the ratio 5:3:2.After closing the 12/31/20X9 books they discovered that $30,000 was spent on a piece of land in December 20X9 and was expensed.What should happen?
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Chapter 16: Partnerships: Liquidation
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Q1) Refer to the information provided above.Using a safe payments schedule,how much cash will be distributed to Lilly at the end of the second month?
A) $27,000
B) $36,000
C) $18,000
D) $0
Q2) Refer to the above information.If the other assets are sold for $80,000,and all partners are personally insolvent,how much should E receive upon liquidation?
A) $0
B) $6,000
C) $10,000
D) $20,000
Q3) Based on the preceding information,the journal entry on the partnership's books to record distribution of stock to prior partners will include a debit to Mike,Capital for:
A) $38,010.
B) $31,500.
C) $42,000.
D) $44,300.
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19
Chapter 17: Governmental Entities: Introduction and General Fund Accounting
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Q1) Which of the following items is not recognized as revenue by a governmental unit?
A) sales tax proceeds
B) property tax levies
C) bond proceeds
D) grants received from other governmental units
Q2) At the end of the fiscal year,uncollected property taxes in the general fund should be:
A) reclassified from current to delinquent.
B) written off as uncollectible.
C) charged against unassigned fund balance.
D) reclassified from current to noncurrent.
Q3) The general fund of Park City acquired computer equipment at a cost of $50,000 on May 18,20X9.To record acquisition of this equipment,the general fund of Park City should debit:
A) expenditures.
B) encumbrances.
C) equipment.
D) vouchers payable.
Q4) Briefly discuss the various types of governmental funds and proprietary funds.
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Chapter 18: Governmental Entities: Special Funds and
Government-Wide Financial Statements
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Q1) On October 15,20X8,an enterprise fund of Blacksburg purchased office supplies at a cost of $10,000.The inventory of office supplies on hand at the June 30,20X9,fiscal year end was $4,000.There was no beginning inventory.Blacksburg should make entries that include:
A) debiting Supplies $10,000 at October 15, and debiting Expenses $4,000 on June 30.
B) debiting Expenditures $10,000 at October 15, and debiting Supplies $4,000 at June 30.
C) debiting Supplies $10,000 at October 15, and crediting Supplies $6,000 on June 30.
D) debiting Expenditures $10,000 at October 15, and crediting Expenses $4,000 at June 30.
Q2) Refer to the above information.On the internal service fund's balance sheet on June 30,20X9,total net assets should be reported at:
A) $1,000,000.
B) $1,010,000.
C) $1,250,000.
D) $910,000.
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Chapter 19: Not-For-Profit Entities
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Q1) ASC 958 requires that an "other not-for-profit entity" (ONPO)provide three financial statements.Which of the following is NOT one among them?
A) A statement of functional expenses
B) A statement of financial position
C) A statement of activities
D) A statement of cash flows
Q2) On June 30,20X9,a voluntary health and welfare organization received pledges from donors amounting to $50,000.The donors did not place any time or use restrictions on the amount pledged.It was estimated that 10 percent of the pledges would not be collected.How should the voluntary health and welfare organization report these pledges on its financial statements prepared at the end of its fiscal year,June 30,20X9?
A) As fund balance for $45,000.
B) As contribution revenue-unrestricted for $45,000.
C) As contribution revenue-unrestricted for $50,000.
D) As fund balance-unrestricted for $50,000.
Q3) "Basis of accounting for private NFPs" describes which term listed above?
Q4) "Classification of contributions restricted by purpose" describes which term listed above?
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Page 22
Chapter 20: Corporations in Financial Difficulty
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Q1) Typically,the plan of reorganization must be approved by at least _____ of all creditors,who must hold at least _____ of the dollar amount of the outstanding debt.
A) one-third; half
B) two-thirds; half
C) half; one-third
D) half; two-thirds
Q2) A debtor may file which type of petition when seeking judicial protection under the Bankruptcy Reform Act?
I.Voluntary
II.Involuntary
A) I only
B) II only
C) Either I or II.
D) Neither I nor II
Q3) To obtain cash quickly,DebCo.sold $750,000 of its receivables to Finco.,with recourse.As the accountant for DebCo.,what issues do you need to resolve in order to determine the appropriate accounting treatment?
Q4) Briefly explain the three classes of creditors specified in the Bankruptcy Code.
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