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advanced financial accounting

Questions and Answers of Advanced Financial Accounting

The SEC is organized into several divisions and principal offices. The organization unit that reviews registration statements, annual reports, and proxy statements filed with the Commission isa. The
Regulation S-Xa. Specifies the information that can be incorporated by reference from the annual report into the registration statement filed with the SEC.b. Specifies the regulation and reporting
Which of the following is not a purpose of the Securities Exchange Act of 1934?a. To establish federal regulation over securities exchanges and markets.b. To prevent unfair practices on securities
Regulation S-K disclosure requirements of the SEC deal with the company’s business, properties, and legal proceedings; selected five-year summary financial data; management’s discussion and
In the registration and sales of new securities issues, the SECa. Endorses a security’s investment merit by allowing its registration to “go effective.”b. Provides a rating of the investment
The 1933 Securities Act provides for a 20-day review period between the filing and the effective date of the registration. During this review period, the registrant is prohibited froma. Preparing any
Form 10-K is filed with the SEC to update the information a company supplied when filing a registration statement under the Securities and Exchange Act of 1934. Form 10-K is a report that is filed by
The SEC’s Regulation S-X disclosure requirements addressa. Changes in and disagreements with accountants on accounting and financial disclosure.b. Management’s discussion and analysis of the
Form 10-Q is filed with the SEC to keep both investors and experts apprised of a company’s operations and financial position. For an accelerated filer, Form 10-Q is a report that is filed withina.
Within four days after the occurrence of any event that is of material importance to the stockholders, a company must file a Form 8-K information report with the SEC to disclose the event. An example
Form 8-K must generally be submitted to the SEC within four days after the occurrence of a significant event. Which one of the following is not an event that would be reported by Form 8-K?a. The
Which one of the following items is not required to be included in a company’s periodic 8-K report filed with the SEC when significant events occur?a. Acquisition or disposition of a significant
A major impact of the Foreign Corrupt Practices Act of 1977 is that registrants subject to the Securities Exchange Act of 1934 are required toa. Keep records that reflect the transactions and
Shareholders may ask or allow others to enter their vote at a shareholders’ meeting that they are unable to attend. The document furnished to shareholders to provide background information for
Formation and meaningful utilization of an audit committee of the board of directors is required of publicly traded companies that are subject to the rules of thea. Securities and Exchange
An external auditor’s involvement with a Form 10-Q that is being prepared for filing with the SEC would most likely consist ofa. An audit of the financial statements included in Form 10-Q.b. A
Which of the following statements concerning the prospectus required by the Securities Act of 1933 is correct?a. The prospectus is a part of the registration statement.b. The prospectus should enable
Which of the following securities is exempt from registration under the Securities Act of 1933?a. Shares of nonvoting common stock provided their par value is less than $1.b. Bonds issued by a
Pix Corp. is making a $6,000,000 stock offering. Pix wants the offering exempt from registration under the Securities Act of 1933. Which of the following provisions of Regulation D would Pix have to
A “Tier 1” offering made under the provisions of Regulation A of the Securities Act of 1933 requires that the issuera. File an offering circular with the SEC.b. Sell only to accredited
Which of the following factors by itself requires a corporation to comply with the reporting requirements of the Securities Exchange Act of 1934?a. 600 employees.b. Shares listed on a national
Which of the following persons is not an insider of a corporation subject to the Securities Exchange Act of 1934 registration and reporting requirements?a. An attorney for the corporation.b. An owner
On May 1, 20X1, Cathy and Mort formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Cathy contributed a parcel of land that cost her $10,000. Mort
On July 1, 20X1, James and Short formed a partnership. James contributed cash. Short, previously a sole proprietor, contributed property other than cash, including realty subject to a mortgage, which
Two individuals who were previously sole proprietors form a partnership. Property other than cash that is part of the initial investment in the partnership is recorded for financial accounting
Mutt and Jeff formed a partnership on April 1 and contributed the following assets:The land was subject to a $30,000 mortgage, which the partnership assumed. Under the partnership agreement, Mutt and
On July 1, Mabel and Pierre formed a partnership, agreeing to share profits and losses in the ratio of 4:6, respectively. Mabel contributed a parcel of land that cost her $25,000. Pierre contributed
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items 1. General partner 2. Note payable to a partner 3. Recognition of neither bonus nor goodwill
If the assets are fairly valued on this balance sheet and the partnership wishes to admit Denise as a new one-sixth-interest partner without recording goodwill or bonus, Denise should contribute cash
If assets on the initial balance sheet are fairly valued, Alex and Betty give their consent, and Denise pays Claire $51,000 for her interest, the revised capital balances of the partners would bea.
On December 31, 20X4, Alan and Dave are partners with capital balances of $80,000 and $40,000, and they share profit and losses in the ratio of 2:1, respectively. On this date, Scott invests $36,000
Boris and Richard are partners who share profits and losses in the ratio of 6:4. On May 1, 20X9, their respective capital accounts were as follows:On that date, Lisa was admitted as a partner with a
At December 31, Rod and Sheri are partners with capital balances of $40,000 and $20,000, and they share profits and losses in the ratio of 2:1, respectively. On this date, Pete invests $17,000 in
The capital accounts of the partnership of Ella, Nick, and Brandon follow with their respective profit and loss ratios:Tony was admitted to the partnership when he purchased directly, for $132,000, a
Fred and Ralph are partners who share profits and losses in the ratio of 7:3, respectively. Their respective capital accounts are as follows:They agreed to admit Lute as a partner with a one-third
If A is the total capital of a partnership before the admission of a new partner, B is the total capital of the partnership after the new partner’s investment, C is the amount of the new
When property other than cash is invested in a partnership, at what amount should the noncash property be credited to the contributing partner’s capital account?a. Contributing partner’s tax
William and Martha drafted a partnership agreement that lists the following assets contributed at the partnership’s formation:The building is subject to a $10,000 mortgage, which the partnership
Smith and Duncan are partners with capital balances of $60,000 and $20,000, respectively. Profits and losses are divided in the ratio of 60:40. Smith and Duncan decided to form a new partnership with
On April 30, 20X5, Apple, Blue, and Crown formed a partnership by combining their separate business proprietorships. Apple contributed $50,000 cash. Blue contributed property with a $36,000 carrying
Norbert’s initial capital balance in Moon-Norbert isa. $20,000.b. $25,000.c. $40,000.d. $60,000.The Moon-Norbert Partnership was formed on January 2, 20X5. Under the partnership agreement, each
Moon’s share of Moon-Norbert’s net income isa. $15,000.b. $12,500.c. $12,000.d. $7,800.The Moon-Norbert Partnership was formed on January 2, 20X5. Under the partnership agreement, each partner
In the Crowe-Dagwood partnership, Crowe and Dagwood had a capital ratio of 3:1 and a profit and loss ratio of 2:1. They used the bonus method to record Elman’s admittance as a new partner. What
Blue and Green formed a partnership in 20X4. The partnership agreement provides for annual salary allowances of $55,000 for Blue and $45,000 for Green. The partners share profits equally and losses
When Jill retired from the partnership of Jill, Bill, and Hill, the final settlement of her interest exceeded her capital balance. Under the bonus method, the excessa. Was recorded as goodwill.b. Was
If the inventory is sold for $300,000, how much should Joan receive upon liquidation?a. $48,000b. $100,000c. $136,000d. $160,000 The balance sheet for the partnership of Joan, Charles, and Thomas,
If the inventory is sold for $180,000, how much should Thomas receive upon liquidation?a. $28,000b. $32,500c. $37,000d. $55,000 The balance sheet for the partnership of Joan, Charles, and Thomas,
The partnership will be liquidated in installments. As cash becomes available, it will be distributed to the partners. If inventory costing $200,000 is sold for $140,000, how much cash should be
In accounting for partnership liquidation, cash payments to partners after all creditors’ claims have been satisfied but before the final cash distribution should be according toa. The partners’
After all noncash assets have been converted into cash in the liquidation of the Adam and Kay Partnership, the ledger contains the following account balances:Available cash should be distributed with
The partnership creditorsa. Must first seek recovery against S because she is personally solvent and has a negative capital balance.b. Will not be paid in full regardless of how they proceed legally
The partnership creditors should seek recovery of their claimsa. From the partnership, including additional contributions from F and S.b. From the personal assets of either F or A.c. From the
On January 1, 20X7, the partners of Casey, Dithers, and Edwards, who share profits and losses in the ratio of 5:3:2, decided to liquidate their partnership. On this date, its condensed balance sheet
In a partnership liquidation, the final cash distribution to the partners should be made in accordance with thea. Partners’ profit and loss–sharing ratio.b. Balances of the partners’ capital
If the firm, as shown on the balance sheet, is dissolved and liquidated by selling assets in installments and if the first sale of noncash assets having a book value of $90,000 realizes $50,000 and
If the facts are as in question 3 except that $3,000 cash is to be withheld, the respective partners would then receive (to the nearest dollar)The balance sheet for the Art, Blythe, and Cooper
If each partner properly received some cash in the distribution after the second sale, if the cash to be distributed amounts to $12,000 from the third sale, and if unsold assets with an $8,000 book
The following condensed balance sheet is for the partnership of Arnie, Bart, and Kurt, who share profits and losses in the ratio of 4:3:3, respectively:The partners agreed to dissolve the partnership
On December 31, 20X7, Judy is a fully vested participant in a company-sponsored pension plan. According to the plan’s administrator, Judy has at that date the nonforfeitable right to receive a lump
On December 31, 20X7, Mr. and Mrs. McManus owned a parcel of land held as an investment. They had purchased it for $95,000 in 20X0, and the mortgage on it had a principal balance of $60,000 at
Rich Drennen’s personal statement of financial condition at December 31, 20X6, shows net worth of $400,000 before consideration of employee stock options owned on that date. Information relating to
Nancy Emerson owns 50 percent of the common stock of Marks Corporation. She paid $25,000 for this stock in 20X3. At December 31, 20X8, her 50 percent stock ownership in Marks had a current value of
In a personal statement of financial condition, which of the following should be reported at estimated current values? Investments in Closely Held Business Investments in Leaseholds b. Yes Yes Yes No
Personal financial statements should include which of the following statements? Financial Condition Changes in Net Worth Cash Flows P No b. Yes Yes No No Yes Yes Yes No d. Yes Yes Yes
A business interest that constitutes a large part of an individual’s total assets should be presented in a personal statement of financial condition asa. A single amount equal to the proprietorship
Personal financial statements should report assets and liabilities ata. Historical cost.b. Historical cost and, as additional information, at estimated current values at the date of the financial
The following information pertains to Kent’s marketable equity securities:Kent sold the Zee stock in January 20X3 for $10,200. In his personal statement of financial condition at December 31, 20X3,
Personal financial statements should report an investment in life insurance at thea. Face amount of the policy less the amount of premiums paid.b. Cash value of the policy less the amount of any
Mrs. Taft owns a $150,000 insurance policy on her husband’s life. The policy’s cash value is $125,000, and there is a $50,000 loan against it. The Tafts’ personal statement of financial
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items 1. Dissolution 2. Partner's loss Descriptions/Explanations A. Sale of partnership assets,
On January 1, 20X5, Post Company acquired an 80 percent investment in Stake Company. The acquisition cost was equal to Post’s equity in Stake’s net assets at that date. On January 1, 20X5, Post
In the January 1, 20X8, consolidated balance sheet, the amount of goodwill reported should bea. $0.b. $76,000.c. $95,000.d. $156,000.On January 1, 20X8, Ritt Corporation acquired 80 percent of Shaw
In the December 31, 20X8, consolidated balance sheet, the amount of noncontrolling interest reported should bea. $200,000.b. $239,000.c. $251,000.d. $252,000.On January 1, 20X8, Ritt Corporation
On July 1, 20X3, Barker Company purchased 20 percent of Acme Company’s outstanding common stock for $400,000 when the fair value of Acme’s net assets was $2,000,000. Barker does not have the
On January 1, 20X7, Robohn Company purchased for cash 40 percent of Lowell Company’s 300,000 shares of voting common stock for $1,800,000 when 40 percent of the underlying equity in Lowell’s net
In January 20X0, Farley Corporation acquired 20 percent of Davis Company’s outstanding common stock for $800,000. This investment gave Farley the ability to exercise significant influence over
Perez Inc. owns 80 percent of Senior Inc. During 20X2, Perez sold goods with a 40 percent gross profit to Senior. Senior sold all of these goods in 20X2. For 20X2 consolidated financial statements,
What amount should be eliminated from cost of goods sold in the combined income statement for 20X0?Nolan owns 100 percent of the capital stock of both Twill Corporation and Webb Corporation. Twill
By what amount was unadjusted revenue overstated in the combined income statement for 20X0?Nolan owns 100 percent of the capital stock of both Twill Corporation and Webb Corporation. Twill purchases
Company J acquired all of Company K’s outstanding common stock in exchange for cash. The acquisition price exceeds the fair value of net assets acquired.How should Company J determine the amounts
In the preparation of the 20X6 consolidated balance sheet, computer equipment will bea. Debited for $1,000.b. Debited for $15,000.c. Credited for $24,000.d. Debited for $40,000.On January 1, 20X4,
Income assigned to the noncontrolling interest in the 20X6 consolidated income statement will bea. $12,000.b. $14,000.c. $18,000.d. $52,000.On January 1, 20X4, Gold Company purchased a computer with
Consolidated net income for 20X6 will bea. $106,000.b. $112,000.c. $120,000.d. $130,000.
Lewis Company owns 80 percent of Tomassini Corporation’s stock. You are told that Tomassini has sold equipment to Lewis and that the following consolidation entries are needed to prepare
Income assigned to the noncontrolling interest in the 20X4 consolidated income statement should bea. $6,534.b. $8,321.c. $8,388.d. $16,826.
What amount of interest expense should be included in the 20X4 consolidated income statement?a. $14,000b. $18,000c. $21,000d. $27,000
What amount of gain or loss on bond retirement should be included in the 20X4 consolidated income statement?a. $4,000 gainb. $4,000 lossc. $12,000 gaind. $16,000 loss
Income assigned to the noncontrolling interest in the 20X4 consolidated income statement should bea. $6,000.b. $8,100.c. $8,400.d. $16,000.
Peace Corporation acquired 100 percent of Soft Inc. in a nontaxable transaction on December 31, 20X1. The following balance sheet information is available immediately following the
Growth in the complexity of the U.S. business environmenta. Has led to increased use of partnerships to avoid legal liability.b. Has led to increasingly complex organizational structures as
Which of the following is not an appropriate reason for establishing a subsidiary?a. The parent wishes to protect existing operations by shifting new activities with greater risk to a newly created
When an existing company creates a new subsidiary and transfers a portion of its assets and liabilities to the new entitya. The new entity records both the assets and liabilities it received at fair
When a company assigns goodwill to a reporting unit acquired in a business combination, it must record an impairment loss ifa. The fair value of the net identifiable assets held by a reporting unit
Goodwill represents the excess of the sum of the fair value of the (1) consideration given, (2) shares already owned, and (3) the noncontrolling interest over thea. Sum of the fair values assigned to
In a business combination, costs of registering equity securities to be issued by the acquiring company are a(n)a. Expense of the combined company for the period in which the costs were incurred.b.
Which of the following is the appropriate basis for valuing fixed assets acquired in a business combination carried out by exchanging cash for common stock?a. Historical cost.b. Book value.c. Cost
In a business combination in which an acquiring company purchases 100 percent of the outstanding common stock of another company, if the fair value of the net identifiable assets acquired exceeds the
A and B Companies have been operating separately for five years. Each company has a minimal amount of liabilities and a simple capital structure consisting solely of voting common stock. In exchange
On December 31, 20X3, Saxe Corporation was merged into Poe Corporation. In the business combination, Poe issued 200,000 shares of its $10 par common stock, with a market price of $18 a share, for all
The fair values of assets and liabilities held by three reporting units and other information related to the reporting units owned by Prover Company are as follows:Requireda. Determine the amount, if

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