1- The same accounting procedures need to be performed for a business combination in the acquisition of an interest in another company when the acquired company is liquidated as when it remains in existence.

True or False

2- In preparing consolidation entries in combining two companies for consolidated financial statements, the asset representing the cost of the acquired company is allocated to recognize the cost of the separate categories of assets belonging to the subsidiary company.

True or False

3- The value given in acquiring another company is allocated first to identifiable tangible assets, and any excess value is allocated to goodwill.

True or False

4- The legacy methods of business combinations no longer have any effect on accounting for business combinations.

True or False

5- The FASB requires subsidiary companies issuing their own financial statements in addition to being part of consolidated financial statements of a parent company to use pushdown accounting.

True or False