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ACC 499 ACC/499 ACC499 midterm exam Part 2

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ACC 499 ACC/499 ACC499 midterm exam Part 2 Intercompany sales When an investor owns less than a majority of the voting stock of another corporation, the accountant must judge when the investor can exert significant influence. For the sake of uniformity, U.S. GAAP and IFRS presume that significant influence exists at ownership of _____ or more of the voting stock of the investee. (Assume that management does not have a contractual or other basis to demonstrate that influence.) Consolidated financial statements are typically prepared when one company has Often, the parent does not own 100% of the voting stock of a consolidated subsidiary. The parent refers to the owners of the remaining shares of voting stock as a U.S. GAAP view investments of less than 20 percent of the voting stock of another company as An intercompany transaction is a transaction between If the combined market value of trading securities at the end of the year is less than the market value of the same portfolio of trading securities at the beginning of the year, the difference should be accounted for by To avoid double counting P’s investment in S, P must eliminate A minority, active investment is generally U.S. GAAP and IFRS require firms to account for business combinations using the _____ method. For which type of investments would unrealized increases and decreases be recorded directly in an owners’ equity account? Accountants sometimes refer to the equity method as a(n) Which is the primary concern over the adoption of IFRS? Which is one of the FASB/IASB convergence projects? Which of the following is not included in the income statement? What is the appropriate reason why people object to adopting the roadmap? What is the correct order of steps in applying the revenue recognition model? (1) Identify the separate performance obligations in the contract (2) Identify the contract with the customer (3) Determine the transaction price for the entire contract (4) Recognize revenue when each separate performance obligation is satisfied (5) Allocate the transaction price to separate performance obligation Which of the following is included in full IFRS but eliminated for SMEs’ IFRS? Which of the following are differences between U.S. GAAP and IFRS? Which is one of the key activities that will lead to a company’s successful IFRS conversion? Which are two conditions that must be met before revenue is to be recognized under IFRS? What is the major difference between how U.S GAAP and IFRS handle share-based payments? Which point supports the use of IFRS by U.S. public companies? Which one is not a characteristic of rules-based standards? When the revaluation results in an increase, a debit is made to the asset account, which account does the revaluation surplus go?

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