Special Topics in Accounting Final Exam
Questions
Course Introduction
This course explores advanced and emerging issues in the field of accounting, providing students with an in-depth understanding of specialized topics that reflect current trends, regulatory changes, and innovations in accounting practice. Topics may vary each semester and can include areas such as forensic accounting, international financial reporting standards (IFRS), sustainability reporting, governmental and nonprofit accounting, advanced managerial accounting techniques, and the impact of technology on accounting systems. Designed for upper-level students, this course encourages critical thinking, research, and practical application through case studies and group projects, equipping participants with the knowledge and skills to address complex accounting challenges in a dynamic business environment.
Recommended Textbook
Advanced Accounting 11th Edition by Floyd A. Beams
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Chapter 1: Business Combinations
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Q1) According to FASB Statement No.141, liabilities assumed in an acquisition will be valued at the ________.
A) estimated fair value
B) historical book value
C) current replacement cost
D) present value using market interest rates
Answer: A
Q2) 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) Market value
D) The present value of future cash flows discounted at the firm's cost of capital Answer: C
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Chapter 2: Stock Investments Investor Accounting and Reporting
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Q1) Panda Corporation purchased 100,000 previously unissued shares of Skunk Company's $10 par value common stock directly from Skunk for $2,200,000.Skunk's stockholders' equity immediately before the investment by Panda consisted of $3,000,000 of common stock and $4,800,000 in retained earnings.What is Panda's book value of equity in the net assets of Skunk?
A) $2,200,000
B) $2,500,000
C) $3,000,000
D) $3,333,000
Answer: B
Q2) Assume that Pansy Incorporated used the cost method of accounting for its investment in Sunflower.The balance in the Investment in Sunflower account at December 31, 2013 was
A) $76,700.
B) $80,000.
C) $83,300.
D) $95,000.
Answer: B
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Page 4
Chapter 3: An Introduction to Consolidated Financial Statements
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Q1) A newly acquired subsidiary had pre-existing goodwill on its books.The parent company's consolidated balance sheet will
A) not show any value for the subsidiary's pre-existing goodwill.
B) treat the goodwill similarly to other intangible assets of the acquired company.
C) not show any value for the pre-existing goodwill unless all other assets of the subsidiary are stated at their full fair value.
D) always show the pre-existing goodwill of the subsidiary at its book value.
Answer: A
Q2) 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
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Chapter 4: Consolidated Techniques and Procedures
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Q1) At the beginning of 2011, Parling Food Services acquired a 90% interest in Simmons' Orchards when Simmons' book values of identifiable net assets equaled their fair values.On December 26, 2011, Simmons declared dividends of $50,000, and the dividends were unpaid at year-end.Parling had not recorded the dividend receivable at December 31.A consolidated working paper entry is necessary to
A) enter $50,000 dividends receivable in the consolidated balance sheet.
B) enter $45,000 dividends receivable in the consolidated balance sheet.
C) reduce the dividends payable account by $45,000 in the consolidated balance sheet.
D) eliminate the dividend payable account from the consolidated balance sheet.
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
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Chapter 5: Intercompany Profit Transactions - Inventories
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Q1) Plateau Incorporated bought 60% of the common stock of Sachet Company several years ago.At the time of purchase, the fair value and book value of Sachet's net assets were equal.The cost of the 60% investment was equal to 60% of the book value of Sachet's net assets.Plateau sells merchandise to Sachet at 125% above Plateau's cost.Intercompany sales from Plateau to Sachet for 2012 were $60,000.Unrealized profits in Sachet's December 31, 2011 inventory and December 31, 2012 inventory were $6,000 and $4,500, respectively.Sachet reported net income of $120,000 for 2012.
Required: In General Journal format, prepare consolidation working paper entries at December 31, 2012 to eliminate the effects of the intercompany inventory sales.
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) Parrot Company owns all the outstanding voting stock of Southern Manufacturing.On January 1, 2012, Parrot sold machinery to Southern at its book value of $24,000.Parrot had the machinery three years before selling it and used an eight-year straight-line depreciation method, with zero salvage value.Southern will use the straight-line depreciation method, and assumes the machine has five years remaining and no salvage value.In the 2012 consolidating working papers, the depreciation expense A) required no adjustment. B) decreased by $4,800. C) increased by $4,800 D) increased by $8,000.
Q2) The noncontrolling interest share for 2012 was A) $18,000.
B) $22,000.
C) $23,000.
D) $27,000.
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Chapter 7: Intercompany Profit Transactions - Bonds
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Q1) Phauna paid $120,000 for its 80% interest in Schrub on January 1, 2009 when Schrub had $150,000 of total stockholders' equity.
On January 1, 2012, Phauna purchased $50,000 of Schrub Corporation's 8% bonds for $48,000.At that time, $100,000 of bonds had been issued by Schrub, and unamortized premium was $2,000.The bonds pay interest on June 30 and December 31 and mature on December 31, 2016.Both Phauna and Schrub use straight-line amortization.Phauna uses the equity method of accounting for its investment in Schrub.
Required: Prepare eliminating/adjusting entries for the bonds on the consolidating work papers for the year ended December 31, 2012.
Q2) If the bonds were originally issued at 103, and 70% of them were purchased on January 2, 2014 at 104, the constructive gain or (loss)on the purchase was
A) $(142,800).
B) $( 42,000).
C) $ 42,000.
D) $ 142,800.
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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) If a parent company and outside investors purchase shares of a subsidiary in relation to existing stock ownership (ratably), then
A) there will be an adjustment to additional paid-in capital if the stock is sold above book value.
B) there will be no adjustment to additional paid-in capital regardless whether the stock is sold above or below book value.
C) there will be an adjustment to additional paid-in capital if the stock is sold below book value.
D) there will be the elimination of a gain.
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Chapter 9: Indirect and Mutual Holdings
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Q1) The amount of noncontrolling interest share for the current year is
A) $69,000.
B) $85,000.
C) $95,000.
D) $99,000.
Q2) Controlling interest share of consolidated net income for the current year is
A) $504,800.
B) $516,800.
C) $545,200.
D) $557,200.
Q3) Noncontrolling interest share for Badrack is
A) $9,000.
B) $10,000.
C) $20,000.
D) $40,000.
Q4) Bailey's noncontrolling interest share for 2011 is A) $7,609.
B) $8,044.
C) $15,652.
D) $23,696.
Page 11
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Chapter 10: Subsidiary Preferred Stock, Consolidated
Per Share, and Consolidated Income Taxation
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Q1) What should be the noncontrolling interest share, preferred in the consolidated financial statements of Parminter for the year ending December 31, 2011?
A) $1,000
B) $2,000
C) $4,000
D) $5,000
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.
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Chapter
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Q1) With regard to a variable interest entity (VIE), Ann Company may meet the following two conditions: Condition I
Ann Company has the power to direct VIE activities that significantly impact VIE's economic performance.
Condition II
Ann Company has an obligation to absorb losses and/or a right to receive significant benefits from the VIE.
Ann Company must consolidate a VIE if
A) Condition I is met only.
B) Condition II is met only.
C) either Condition I or Condition II is met.
D) both Condition I and Condition II are met.
Q2) Under the entity theory, a consolidated balance sheet prepared immediately after the business combination will show noncontrolling interest of
A) $5,000.
B) $7,500.
C) $9,000.
D) $10,000.
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Chapter 12: Derivatives and Foreign Currency: Concepts and Common Transactions
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Q1) On April 1, 2012, Button Industries enters into an agreement with Bows Incorporated to lock in the price of cotton.Button agrees to purchase (and Bows agrees to sell)100,000 pounds of cotton at $1.19 per pound, six months from the date of agreement.On October 1, 2012, the price of cotton is $1.17 per pound.The contract allows for net settlement.
Required:
Determine the net settlement on the forward contract.
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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Chapter 13: Accounting for Derivatives and Hedging
Activities
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Q1) On November 1, 2010, Athom Corporation purchased 5,000 television sets for its merchandise inventory from Sockk, a South Korean firm, at a total quoted cost of 600,000,000 won (W).On this date, the spot rate for the won was $1 = 1,080W.On the same day, Athom invested $500,000 cash in a non-interest bearing account with a Japanese bank, to hedge its exposed liability position.The account payable to Sockk is due on January 30, 2011.The exchange rates on December 31, 2010 and January 30, 2011 were $1 = 1,060W, and $1 = 1,030W, respectively.Athom agreed to pay Sockk in won.The bank deposit made by Athom will be held in won, but will be withdrawn in dollars by Athom on January 30th.Assume that Athom has a December 31 year-end.Assume this is a fair value hedge.
Required:
Prepare all the journal entries for Athom Corporation's General Journal on November 1, 2010, December 31, 2010, and January 30, 2011.Round entries to the nearest whole dollar.If no entry is required on a particular date, indicate "No entry" in the General Journal.
Q2) The purchase price of an option contract is typically recorded as
A) an expense.
B) an asset.
C) an amortized cost.
D) a component of shareholders equity.
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Chapter 14: Foreign Currency Financial Statements
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Q1) If a U.S.company wants to hedge a prospective loss on its investment in a foreign entity that may result from a foreign currency fluctuation, the U.S.company should
A) purchase a forward to swap currency of the foreign entity's local country for U.S. currency.
B) purchase a call option to buy currency of the foreign entity's local country.
C) issue a loan in the foreign entity's local country.
D) borrow money in the foreign entity's local country.
Q2) A U.S.parent corporation loans funds to a foreign subsidiary to be used to purchase equipment.The loan is denominated in U.S.dollars and the functional currency of the subsidiary is the euro.This intercompany transaction is a foreign currency transaction of A) neither the subsidiary nor the parent, as it is eliminated as part of the consolidation procedure.
B) the subsidiary but not the parent.
C) both the subsidiary and the parent.
D) the parent but not the subsidiary.
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Chapter 15: Segment and Interim Financial Reporting
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Q1) Sandpiper Corporation paid $120,000 for annual property taxes on January 15, 2011, and $20,000 for building repair costs on March 10, 2011.Total repair expenses for the year were estimated to be $200,000, and are normally accrued during the year until incurred.What total amount of expense for these items was reported in Sandpiper's first quarter 2011 interim income statement?
A) $ 50,000
B) $ 80,000
C) $100,000
D) $140,000
Q2) How does GAAP view interim accounting periods?
A) As discrete units for which net income may be separately determined
B) As integral units of the entire year for which each interim period is an essential part of an annual period
C) As integral units of the entire year with each interim period as an independent accounting period
D) As discrete units of the entire year using the same principles that are applied to the annual period
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Chapter 16: Partnerships - Formation, Operations, and Changes in Ownership Interests
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Q1) How much cash must Oran invest to acquire a one-fifth interest?
A) $235,000
B) $141,000
C) $293,750
D) $301,250
Q2) 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 2010, the partnership recorded $120,000 of net income that was properly allocated to the partners' capital accounts.On January 25, 2011, after the books were closed for 2010, Mason discovered that office equipment, purchased for $12,000 on December 29, 2010, was recorded as office expense by the company bookkeeper.
Required:
Prepare the necessary correcting entry(s)for the partnership.
Q3) 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.
Page 18
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Chapter 17: Partnership Liquidation
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Q1) 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
Q2) If conditions produce a debit balance in a partner's capital account when liquidation losses are allocated, then
A) the partner receives further allocations of liquidation losses, but not gains.
B) the partner receives further allocations of liquidation gains, but not losses.
C) the partner is no longer obligated to partnership creditors.
D) the partner has an obligation of personal net assets to the other partners.
Q3) In a schedule of assumed loss absorptions
A) the partner with lowest loss absorption is eliminated last.
B) it is necessary to have a cash distribution plan first.
C) the least vulnerable partner is eliminated first.
D) the most vulnerable partner is eliminated first.
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Chapter 18: Corporate Liquidations and Reorganizations
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Q1) Oceana Corporation is being liquidated under Chapter 7 of the Bankruptcy Act.The trustee has determined that the unsecured claims will receive $.35 on the dollar.Loans-R-Us holds a $1,000,000 mortgage note receivable from Oceana that is secured by building and equipment with a $1,200,000 book value and a $900,000 fair value.
Required:
How much of the mortgage receivable will Loans-R-Us recover?
Q2) Gonne Corporation is being liquidated under Chapter 7 of the Bankruptcy Act.The trustee has determined that the unsecured claims will receive $.35 on the dollar.Odemay Corporation holds a $100,000 mortgage note receivable from Gonne that is secured by equipment with a $120,000 book value and a $75,000 fair value. Required:
How much of the mortgage receivable will be recovered by Odemay?
Q3) In a Chapter 11 case, the debtor corporation filing the petition may continue in possession of the corporation's property, and is referred to as a(n)
A) examiner.
B) trustee.
C) liquidator.
D) debtor in possession.
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Chapter 19: An Introduction to Accounting for State and Local Governmental Units
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Q1) Under the modified accrual basis of accounting, revenues are recognized in the period
A) when the relevant service is done.
B) when they are collected.
C) when the paying entity is billed.
D) when they become both measurable and available.
Q2) Because a fund is an accounting entity, each fund has I.its own accounting equation.
II)its own journals, ledgers, and other accounting records.
III)its own separate auditor.
A) I only
B) II only
C) I and II
D) I, II and III
Q3) Which fund would most likely report depreciation expense?
A) A special revenue fund
B) An enterprise fund
C) A capital projects fund
D) A debt service fund
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Chapter 20: Accounting for State and Local Governmental Units
- Governmental Funds
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Q1) The City of Attross entered the following transactions during 2011:
1.The city authorized a bond issue of $2,500,000 par to finance construction of a fountain and pavilion in the city square.The bonds were issued for $2,560,000.The premium was transferred to the fund for which the debt will be serviced.(This was a nonreciprocal transfer.)
2.The city entered into a contract for construction of the fountain at an estimated cost of $2,425,000.
3.The city received and paid a bill for $2,445,000 from the contractor upon completion of and approval of the fountain.
4.The unused bond proceeds were set aside for debt service on the bonds.Accordingly, those resources were paid to the appropriate fund(nonreciprocal).
Required:
Prepare journal entries for each of the above transactions.Identify the appropriate fund or funds used by Attross.
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Chapter 21: Accounting for State and Local Governmental Units
- Proprietary and Fiduciary Funds
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Q1) A trust fund was created to assist local students in financial need.The following transactions occurred in the trust.
1.The committee forming the fund was able to raise $700,000 and invested the funds so that the principal would remain indefinitely, and the earnings would be used to aid needy students.
2.During the year, the fund earned $65,000 interest.Earnings remain invested in the trust until withdrawn to distribute, so the interest was invested.
3.$50,000 of the investments were sold, withdrawn, and distributed to provide scholarships.
4.The fund-raising committee contributed an additional $200,000 cash to the fund.This cash was deposited into the account and invested.
5.Interest earned but not yet deposited into the investment account was accrued at $17,000.
Required:
Prepare the necessary journal entries for each of the above transactions for the trust fund.
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Chapter 22: Accounting for Not-For-Profit Organizations
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Q1) Voluntary health and welfare organizations (VHWO)measure contributions at fair value unless
A) fair value is less than the original cost of the item.
B) the contributed item is not intended to be re-sold by the VHWO.
C) fair value cannot be reasonably determined.
D) the contributions are not in cash or cash equivalents.
Q2) For a Voluntary Health and Welfare Organization, what entry is prepared when the restriction on a cash donation is met?
A) Debit Unrestricted Net Assets, Credit Restricted Net Assets
B) Debit Unrestricted Fund Balance, Credit Restricted Fund Balance
C) Debit Restricted Fund Balance, Credit Unrestricted Fund Balance
D) Debit Temporarily Restricted Net Assets - Reclassifications out, Credit Unrestricted Net Assets - Reclassifications in
Q3) Not-for-profit, private colleges classify student unions, dining halls, and residence halls as
A) educational and general services.
B) auxiliary enterprises.
C) independent operations.
D) restricted enterprises.
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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) Which of the following phrases is frequently used to refer to estate or trust accounting?
A) Non-profit accounting
B) Testamentary accounting
C) Fiduciary accounting
D) All of the above phrases are used to refer to estate or trust accounting.
Q3) What is the dollar amount of the federal lifetime maximum gift tax exclusion?
A) $24,000
B) $600,000
C) $1,000,000
D) $2,000,000
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