Test Bank For Advanced Accounting Joe Ben Hoyle 13e

Test Bank For Advanced Accounting Joe Ben Hoyle 13e is the perfect resource for any accounting student looking to ace their exams. Test Bank contains more than a thousand questions and answers that cover all the topics covered in the book. It also offers helpful tips and hints about how to best approach solving the problems, as well as an abundance of thought-provoking examples that help solidify fundamental concepts.

Test Bank also provides direct access to the faculty website where professors can track their student’s progress and offer personalized instruction through discussion forums. Test Bank For Advanced Accounting Joe Ben Hoyle 13e provides all of this, making it a great choice for any advanced accounting student looking to get ahead while saving time and energy.

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Test Bank For Advanced Accounting Joe Ben Hoyle 13e

The Test Bank for Advanced Accounting 13th edition by Joe Ben Hoyle is a comprehensive resource designed to help students understand the complex principles of advanced accounting. The test bank contains a wide range of questions and problems that cover topics such as mergers and acquisitions, foreign currency transactions, and complex financial instruments. With its detailed explanations and real-world examples, the test bank is an essential tool for students who want to excel in their advanced accounting studies. Whether you’re a student or an instructor, the Test Bank for Advanced Accounting can help you improve your understanding of this important field.

File: Chapter 03 – Consolidations – Subsequent to the Date of Acquisition

Multiple Choice:

[QUESTION]

1.  Which one of the following accounts would not appear in the consolidated financial statements at the end of the first fiscal period of the combination? 

A) Goodwill. 

B) Equipment. 

C) Investment in Subsidiary. 

D) Common Stock. 

E) Additional Paid-In Capital. 

Answer: C

Learning Objective: 03-01   

Topic: Consolidation―Overall effects

Difficulty: 2 Medium 

Blooms: Understand

AACSB: Reflective Thinking

AICPA BB: Critical Thinking

AICPA FN: Measurement

  

[QUESTION]

2.  Which of the following internal record-keeping methods can a parent choose to account for a subsidiary acquired in a business combination? 

A) Initial value or book value. 

B) Initial value, lower-of-cost-or-market-value, or equity. 

C) Initial value, equity, or partial equity. 

D) Initial value, equity, or book value. 

E) Initial value, lower-of-cost-or-market-value, or partial equity. 

Answer: C

Learning Objective: 03-02   

Topic: Investment methods―Identify and differentiate

Difficulty: 1 Easy 

Blooms: Remember

AACSB: Reflective Thinking

AICPA BB: Critical Thinking

AICPA FN: Measurement

  

[QUESTION]

3.  Which one of the following varies between the equity, initial value, and partial equity methods of accounting for an investment? 

A) The amount of consolidated net income. 

B) Total assets on the consolidated balance sheet. 

C) Total liabilities on the consolidated balance sheet. 

D) The balance in the investment account on the parent’s books. 

E) The amount of consolidated cost of goods sold. 

Answer: D

Learning Objective: 03-02   

Topic: Investment methods―Identify and differentiate

Difficulty: 2 Medium 

Blooms: Understand

AACSB: Reflective Thinking

AICPA BB: Critical Thinking

AICPA FN: Measurement  

[QUESTION]

4.  Under the partial equity method, the parent recognizes income when 

A) Dividends are received from the investee. 

B) Dividends are declared by the investee. 

C) The related expense has been incurred. 

D) The related contract is signed by the subsidiary. 

E) It is earned by the subsidiary. 

Answer: E 

Learning Objective: 03-02 

Learning Objective: 03-03c

Topic:  Investment methods―Identify and differentiate

Topic: Investment and income―Partial equity method

Difficulty: 1 Easy  

Blooms: Remember

AACSB: Reflective Thinking

AICPA BB: Critical Thinking

AICPA FN: Measurement

 

[QUESTION]

5.  An impairment model is used 

A)  To assess whether asset write-downs are appropriate for indefinite-lived assets. 

B)  To calculate the fair value of intangible assets. 

C)  To calculate the amortization of indefinite-lived assets over their useful lives. 

D)  To determine whether the fair value of assets should be recognized. 

E)  To determine the likelihood that the fair value of an assumed liability will increase. 

Answer: A

Learning Objective: 03-05

Learning Objective: 03-07  

Topic: Impairment―Goodwill―Rationale

Topic: Impairment―Intangibles other than goodwill 

Difficulty: 2 Medium

Blooms: Remember

AACSB: Reflective Thinking

AICPA BB: Critical Thinking

AICPA FN: Measurement  

 

[QUESTION]

6.  Racer Corp. acquired all of the common stock of Tangiers Co. in 2016.  Tangiers maintained its incorporation.  Which of Racer’s account balances would vary between the equity method and the initial value method? 

A) Goodwill, Investment in Tangiers Co., and Retained Earnings. 

B) Expenses, Investment in Tangiers Co., and Equity in Subsidiary Earnings. 

C) Investment in Tangiers Co., Equity in Subsidiary Earnings, and Retained Earnings. 

D) Common Stock, Goodwill, and Investment in Tangiers Co. 

E) Expenses, Goodwill, and Investment in Tangiers Co. 

Answer: C 

Learning Objective: 03-02 

Learning Objective: 03-03a  

Learning Objective: 03-03b 

Topic: Investment methods―Identify and differentiate  

Difficulty: 3 Hard 

Blooms: Understand

AACSB: Reflective Thinking

AICPA BB: Critical Thinking

AICPA FN: Measurement  

[QUESTION]

7.  How does the partial equity method differ from the equity method? 

A) In the total assets reported on the consolidated balance sheet. 

B) In the treatment of dividends. 

C) In the total liabilities reported on the consolidated balance sheet. 

D) Under the partial equity method, subsidiary income does not increase the balance in the parent’s investment account. 

E) Under the partial equity method, the balance in the investment account is not decreased by amortization on allocations made in the acquisition of the subsidiary. 

Answer: E

Learning Objective: 03-02  

Learning Objective: 03-03a  

Learning Objective: 03-03c   

Topic: Investment methods―Identify and differentiate

Difficulty: 2 Medium   

Blooms: Remember

AACSB: Reflective Thinking

AICPA BB: Critical Thinking

AICPA FN: Measurement

[QUESTION]

8.  Jansen Inc. acquired all of the outstanding common stock of Merriam Co. on January 1, 2017, for $257,000.  Annual amortization of $19,000 resulted from this acquisition.  Jansen reported net income of $70,000 in 2017 and $50,000 in  2018 and paid $22,000 in dividends each year.  Merriam reported net income of $40,000 in 2017 and $47,000 in  2018 and paid $10,000 in dividends each year.  What is the Investment in Merriam Co. balance on Jansen’s books as of December 31,  2018, if the equity method has been applied? 

A) $286,000. 

B) $295,000. 

C) $276,000. 

D) $344,000. 

E) $324,000. 

Answer: A   

Learning Objective: 03-03a

Topic: Investment and income―Equity method

Difficulty: 2 Medium  

Blooms: Apply

AACSB: Knowledge Application

AICPA BB: Critical Thinking

AICPA FN: Measurement

Feedback: $257,000 $40,000 $47,000 – $10,000 – $19,000 – $10,000 – $19,000 = $286,000

[QUESTION]

9.  Which of the following is not an example of an intangible asset? 

A)  Customer list 

B)  Database 

C)  Lease agreement 

D)  Broken equipment 

E)  Trademark 

Answer: D

Learning Objective: 03-07  

Topic: Impairment―Intangibles other than goodwill   

Difficulty: 1 Easy

Blooms: Understand

AACSB: Reflective Thinking

AICPA BB: Critical Thinking

AICPA FN: Measurement

[QUESTION]

10.  Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2016, at a price in excess of the subsidiary’s fair value.  On that date, Parrett’s equipment (ten-year life) had a book value of $360,000 but a fair value of $480,000.  Jones had equipment (ten-year life) with a book value of $240,000 and a fair value of $350,000.  Parrett used the partial equity method to record its investment in Jones.  On December 31, 2018, Parrett had equipment with a book value of $250,000 and a fair value of $400,000. Jones had equipment with a book value of $170,000 and a fair value of $320,000. What is the consolidated balance for the Equipment account as of December 31, 2018? 

A) $387,000. 

B) $497,000. 

C) $508.000. 

D) $537,000. 

E) $570,000. 

Answer: B  

Learning Objective: 03-03

Learning Objective: 03-03c 

Topic: Amortization calculations

Topic: Investment and income―Partial equity method

Topic: Consolidation balances―Calculate 

Difficulty: 3 Hard  

Blooms: Apply

AACSB: Knowledge Application

AICPA BB: Critical Thinking

AICPA FN: Measurement

Feedback: Excess of Sub’s FV = $110,000 Parent’s BV $250,000 Sub’s BV $170,000 – Excess Amortization ($11,000 × 3yrs) = $497,000

 

REFERENCE: 03-01

On January 1, 2017, Cale Corp. paid $1,020,000 to acquire Kaltop Co.  Kaltop maintained separate incorporation.  Cale used the equity method to account for the investment.  The following information is available for Kaltop’s assets, liabilities, and stockholders’ equity accounts on January 1, 2017:

  

Kaltop earned net income for 2017 of $126,000 and paid dividends of $48,000 during the year. 

[QUESTION]

REFER TO: 03-01

11.  The 2017 total excess amortization of fair-value allocations is calculated to be 

A) $4,000. 

B) $6,400. 

C) ($2,400). 

D) ($1,000). 

E) $3,800. 

Answer: D  

Learning Objective: 03-03

Learning Objective: 03-03a 

Topic: Amortization calculations

Difficulty: 2 Medium  

Blooms: Apply

AACSB: Knowledge Application

AICPA BB: Critical Thinking

AICPA FN: Measurement

Feedback: Building = FV $268,000 – BV $240,000 = $28,000 / 20 yrs = $1,400 Equipment = FV $516,000 – BV $540,000 = ($24,000) / 10 yrs = ($2,400)

($2,400) $1,400 = ($1,000)

[QUESTION]

REFER TO: 03-01

12.  In Cale’s accounting records, what amount would appear on December 31, 2017 for equity in subsidiary earnings? 

A) $77,000.

B) $79,000. 

C) $125,000. 

D) $127,000. 

E) $81,800. 

Answer: D

Learning Objective: 03-03a   

Topic: Investment and income―Equity method

Difficulty: 2 Medium   

Blooms: Apply

AACSB: Knowledge Application

AICPA BB: Critical Thinking

AICPA FN: Measurement

Feedback: $126,000 $1,000 = $127,000

[QUESTION]

REFER TO: 03-01

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