Financial Reporting II
Practice Questions
Course Introduction
Financial Reporting II builds upon foundational accounting principles to explore advanced topics in the preparation and analysis of financial statements. The course delves into complex areas such as revenue recognition, accounting for leases and income taxes, pensions, equity transactions, financial instruments, and consolidations.
Emphasizing the application of relevant accounting standards, students learn how to interpret, prepare, and critique financial statements for a variety of complex scenarios encountered by corporations. Analytical skills are honed through case studies and real-world examples, preparing students for professional roles in accounting, finance, and auditing.
Recommended Textbook
Advanced Accounting 12th Edition by Paul
M. Fischer
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Page 2
Chapter 1: Business Combinations: New Rules for a
Long-Standing Business Practice
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Q1) An economic advantage of a business combination includes:
A)Utilizing duplicative assets.
B)Creating separate management teams.
C)Shared fixed costs.
D)Horizontally combining levels within the marketing chain.
Answer: C
Q2) When measuring the fair value of the acquired company as the price paid by the acquirer, the price calculation needs to consider the following EXCEPT for:
A)the estimated value of contingent consideration like assets or stock at a later date if specified events occur like targeted sales or income performance
B)the costs of accomplishing the acquisition, such as accounting and legal fees
C)common agreements like targeted sales or income performance by the acquire company are acceptable for valuation
D)issue costs from the stock of the acquirer may be expensed or they can be deducted from the value assigned to paid-in capital in excess of par only
Answer: B
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3
Chapter 2: Consolidated Statements: Date of Acquisition
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Q1) Paro Company purchased 80% of the voting common stock of Sabon Company for $900,000.There are no liabilities.The following book and fair values are available for Sabon:
\(\begin{array}{lrr}
& \text { Book Value } & \text { Fair Value } \\
\text { Current assets } & \$ 100,000 & \$ 200,000 \\
\text { Land and building } & 200,000 & 200,000 \\
\text { Machinery } & 300,000 & 600,000 \\ \text { Goodwill } & 100,000 & ? \end{array}\)
The machinery will appear on the consolidated balance sheet at ____.
A)$600,000
B)$540,000
C)$480,000
D)$300,000
Answer: A
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4
Chapter 3: Consolidated Statements: Subsequent to Acquisition
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Q1) Alpha purchased an 80% interest in Beta on June 30, 2016.Both Alpha's and Beta's reporting periods end December 31.Which of the following represents the controlling interest in consolidated net income for 2016?
A)100% of Alpha's July 1-December 31 income plus 80% of Beta's July 1-December 31 income
B)100% of Alpha's July 1-December 31 income plus 100% of Beta's July 1-December 31 income
C)100% of Alpha's January 1-December 31 income plus 80% of Beta's July 1-December 31 income
D)100% of Alpha's January 1-December 31 income plus 80% of Beta's January 1-December 31 income
Answer: C
Q2) The method of accounting for subsidiaries where investment income is limited to dividends received is the
A)cost method.
B)simple equity method.
C)investment method.
D)sophisticated equity method.
Answer: A
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Chapter 4: Intercompany Transactions: Merchandise, Plant
Assets, and Notes
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Q1) The following accounts were noted in reviewing the trial balance for Parent Co.and Subsidiary Corp.:
Assets under Construction
Contracts Receivable
Billings on Construction in Progress
Earned Income on Long-Term Contracts
Contracts Payable If these accounts pertain to a contract where Subsidiary Corp.is building an asset for Parent Co., which of these accounts do you expect to eliminate when producing Parent Co.consolidated financial statements?
A)Assets under Construction; Billings on Construction in Progress; Earned Income on Long-Term Contracts
B)Contracts Receivable; Billings on Construction in Progress; Earned Income on Long-Term Contracts
C)Assets under Construction; Contracts Receivable; Billings on Construction in Progress; Earned Income on Long-Term Contracts; Contracts Payable
D)Contracts Receivable; Billings on Construction in Progress; Earned Income on Long-Term Contracts; Contracts Payable
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Chapter 5: Intercompany Transactions: Bonds and Leases
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Q1) Phil Company leased a machine to its 100%-owned subsidiary, Scout Company.The direct financing lease required annual lease payments in advance of $2,319 for 5 years.The present value of the minimum lease payments at 8% interest is $10,000.The adjustment of assets and liabilities needed to prepare a consolidated balance sheet is to eliminate the:
A)asset leased.
B)asset leased and the obligation under the capital lease.
C)obligation under the capital lease and the present value of the minimum lease payments.
D)obligation under the capital lease.
Q2) Park owns an 80% interest in the common stock of Stable Company.Park leased a machine to Stable under a 5-year, direct financing lease with a bargain purchase option.The lease term began January 1, 2019.The impact of the lease on the Non-controlling share of income for 2019:
A)is an increase.
B)is a decrease.
C)is zero.
D)cannot be determined from the information given.
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Chapter 6: Cash Flow, Eps, and Taxation
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Q1) The purchase of additional shares from the non-controlling interest of a subsidiary by the parent results in disclosure in which section of a cash flow statement?
A)operating activities
B)financing activities
C)investing activities
D)not reflected on the statement of cash flows
Q2) Amortization of excesses in periods subsequent to the purchase would affect which sections of a consolidated statement of cash flows?
A)operating activity
B)financing activity
C)investing activity
D)all of the above
Q3) For companies that meet the requirements of an affiliated firm but elect to file separately, the parent may exclude how much of the dividends received from reported income?
A)100%
B)80%
C)70%
D)20%
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Chapter 7: Special Issues in Accounting for an Investment
in a Subsidiary
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Q1) Patten Company purchased an 80% interest in Salty Inc.on January 1, 2016, for $500,000 when the stockholders' equity of Salty was $500,000.Any excess of cost was attributed to a building with a 20-year life.On July 1, 2019, Patten sold part of its investment and reduced its ownership interest to 60%.Salty earned $62,000, evenly, during 2019.The NCI share of 2019 consolidated income is
A)$10,000
B)$12,400
C)$16,725
D)$43,400
Q2) Pine Company purchased a 60% interest in the Scent Company on January 1, 2016 for $360,000.On that date, the stockholders' equity of Scent Company was $450,000.Any excess cost on 1/1/16 was attributable to goodwill.Pine purchased another 20% interest on January 1, 2019 for $200,000.On January 1, 2019, Scent Company's stockholders' equity was $700,000, the entire increase due to retained earnings.The goodwill balance on the December 31, 2019, balance sheet is ____.
A)$100,000
B)$60,000
C)$0
D)$150,000
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Chapter 8: Subsidiary Equity Transactions, Indirect
Subsidiary Ownership, and Subsidiary Ownership of Parent Shares
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Q1) A parent company owns a 100% interest in a subsidiary.Recently, the subsidiary paid a 10% stock dividend.The dividend should be recorded on the books of the parent
A)at the par value or stated value of the shares received.
B)at the market value of the shares on the date of declaration.
C)at the market value of the shares on the date of distribution.
D)merely as a memo entry indicating that the cost of the original investment now is allocated to a greater number of shares.
Q2) When a subsidiary owns shares of the parent, the subsidiary's investment account
A)should be accounted for using the equity method.
B)is not eliminated so the subsidiary's investment in the parent is displayed on the balance sheet.
C)is maintained at its original cost since the shares have no claim on income.
D)may be accounted for using the cost, equity or sophisticated equity method.
Q3) Which of the following situations is viewed as the parent having treasury stock?
A)A owns 80% of B, and B owns 70% of C.
B)A owns 80% of B and 20% of C; B owns 70% of C.
C)A owns 80% of B, and B owns 20% of A.
D)None of the above.
Page 10
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Chapter 9: The International Accounting Environment
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Q1) A U.S.company purchases medical lab equipment from a Japanese company.The Japanese company requires payment in Japanese yen.In this transaction, the dollar would be referred to as the ___________ currency.
A)measurement
B)denominated
C)purchasing
D)selling
Q2) Describe the concept of convergence as it pertains to the FASB and IASB and describe the ways in which this may be accomplished.
Q3) RWB Corporation, a U.S.based company, bought inventory from a German company on June 5 for 12,000 euros, when $1 was equal to 1.20 euros.The company settled its payable with 12,000 euros on August 4 when $1 was equal to 1.25 euros.RWB's measurement currency is the U.S.dollar.RWB Corporation:
A)should record the inventory for $9,600.
B)is exposed to an economic loss on the transaction.
C)has an economic gain on the transaction.
D)should record the inventory for 12,000 euros.
Q4) Explain the factors which have led to the differences in accounting standards among nations.
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Chapter 10: Foreign Currency Transactions
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Q1) A U.S.firm has purchased, for 50,000 FC, an electric generator from a foreign firm.The exchange rates were 1 FC = $0.80 on the delivery date and 1 FC = $0.76 when the payable was paid.What is the final recorded value of the equipment if the two-transaction method is used?
A)$40,000
B)$38,000
C)$42,000
D)$50,000
Q2) Which of the following statements is true concerning forward contracts classified as hedges of an identifiable foreign currency commitment?
A)Forward contracts used as hedges cannot exceed the foreign currency commitment.
B)Forward contracts cannot extend for a time period after the transaction date of the commitment.
C)The gain or loss traceable to the time period after the transaction date of the commitment are treated as a hedge of a receivable or payable.
D)None of these statements is true.
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Chapter 11: Translation of Foreign Financial Statements
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Q1) Changes in the functional currency of a subsidiary
A)are not permitted.
B)are accounted for retroactively.
C)are accounted for prospectively.
D)are reported as extraordinary items.
Q2) Consider the consolidation process for a foreign subsidiary: When the excess of cost over book value is attributable to identifiable assets, those assets are adjusted in the "distribution" elimination entry by an amount that is calculated as
A)the difference between cost and fair value as measured in the foreign currency
B)the difference between cost and fair value as measured in the foreign currency multiplied by the historical exchange rate
C)the difference between cost and fair value as measured in the foreign currency multiplied by the weighted-average exchange rate
D)the difference between cost and fair value as measured in the foreign currency multiplied by the current exchange rate
Q3) List the two primary objectives of translating foreign financial statements according to the FASB #52, which emphasizes the concept of the functional currency.?
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Chapter 12: Interim Reporting and Disclosures About
Segments of an Enterprise
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Q1) With regard to major customers, which of the following items is not true?
A)If it qualifies, the federal government is considered a single major customer.
B)The total amount of the sales to each major customer must be disclosed.
C)The names of the major customers must be disclosed.
D)The identity of the segments making the sales must be disclosed.
Q2) In order to generate interim financial reports that contain a reasonable portion of annual expenses, which of the following statements is true?
A)An allocation of a portion of an annual bonus would be made as an interim adjustment.
B)Any adjustments for inventory shrinkage would be deferred to year end.
C)An annual insurance premium would be expensed when paid.
D)None of the above are true
Q3) Two or more operating segments can be combined into a single operating segment, if they share similarities in the following area EXCEPT for:
A)They have the same type of class of customer for their products and services.
B)The production processes are of the same nature.
C)They share the same accounting periods and are consistent in their accounting methods.
D)They share the same distribution channels of their products and/or services.
Page 14
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Chapter 13: Partnerships: Characteristics, Formation, and Accounting for
Activities
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Q1) RUPA ' deals with such topics as:
A)the rights of partners
B)Capital distribution,
C)partnership lending
D)Partnership drawing
Q2) Partners A and B have a profit and loss agreement with the following provisions: salaries of $30,000 and $45,000 for A and B, respectively; a bonus to A of 12% of net income after salaries and bonus; and interest of 10% on average capital balances of $50,000 and $65,000 for A and B, respectively.One-fourth of any remaining profits are allocated to A and the balance to B.If the partnership had net income of $108,600, how much should be allocated to Partner A?
A)$43,225
B)$43,816
C)$47,850
D)$65,375
Q3) X & Y form a partnership with initial investments of $40,000 and $125,000 respectively.Partner X works three fourths and partner Y works full time.The partners agree to split profit and loss in the ratio of their initial investment.Assuming a net income of $25,000 what would each partners division be?
Page 15
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Chapter 14: Partnerships: Ownership Changes and Liquidations
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Q1) The propriety theory of partnership, which views this form of entity as:
A)Individuals acting separate
B)Group of individual investors
C)One primary managing partner
D)One partner on salary
Q2) Describe the order in which assets must be distributed upon liquidation of a partnership
Q3) If differences between the fair value and the book value of recorded assets are identi able, appropriate adjustments to asset balances should be considered.Since a change in ownership structure creates a new, distinct legal entity, every attempt should be made to identify differences between fair and:
A)Depreciation
B)Book Values
C)Partners Capital
D)Goodwill
Q4) Compare and contrast the Bonus method and Goodwill method of in admitting a new partner to a partnership
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Chapter
15: Government and Not for Profit Accounting
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Q1) An encumbrance most likely would be reported as:
A)Asset
B)Deferred Asset
C)Liability
D)Expected Expense
Q2) Which fund has no restriction and is available for operational expense:
A)Fiduciary Fund
B)General Fund
C)Proprietary funds
D)Payment Funds
Q3) Which government funds account for resources that are legally restricted so only their earnings, not principal may be used to finance operations:
A)Permanent Funds
B)Special revenue Funds
C)Capital Project Funds
D)Debt Service Funds
Q4) Describe the authorities for commercial, governmental, and Not for Profit entities.
Q5) Identify the three fund types used in government accounting and their relevance:
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Chapter 16: Governmental Accounting: Other
Governmental Funds, Proprietary Funds, and Fiduciary Funds
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Q1) Which of the following fund types have accounting principles most closely related to those of the General Fund?
A)Pension Trust
B)Enterprise
C)Agency
D)Special Revenues
Q2) The primary purpose of Debt Service funds is to serve as monies set aside for an insubstance defeasance.
A)True
B)False
Q3) In the Statement of Cash Flows for an Proprietary Fund, the receipt of an operating grant would be included in cash flows from:
A)operating activities.
B)noncapital financing activities.
C)capital and related financing activities.
D)investing activities.
Q4) What reporting is required for the accounting for employee Pension Trust Funds.
Q5) What is escheat property and how do we account for it?
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Chapter 17: Financial Reporting Issues
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Q1) When operations of component units of government are blended with the primary government unit, they are reported by
A)a separate column on the General Purpose Financial Statements of the primary governmental unit
B)a disclosure in a footnote to the primary government unit General Purpose Financial Statements
C)Not reported or disclosed separately from the primary governmental unit
D)a separate set of general purpose financial statements
Q2) Audit reports prepared under the Single Audit Act include which of the following?
A)a report on compliance with laws and regulations
B)a report on the study of the internal control systems
C)an opinion on the fairness of financial statement presentation
D)all of the above
Q3) The Management Discussion and Analysis gives a detailed overview of pension cost calculations for governmental units.
A)True
B)False
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Chapter 18: Accounting for Private Not-For-Profit Organizations
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Q1) A temporary restriction expires when:
A)the stipulated time has elapsed.
B)the stipulated purpose has been fulfilled.
C)the useful life of donated assets has ended.
D)All of the above.
Q2) Which of the following is not a required characteristic of a private not-for-profit organization per the definition given by the AICPA?
A)no owners or shareholders
B)an operating purpose other than making a profit
C)an organization dedicated to service of the public good
D)Significant contributions from providers who do not expect reciprocal goods or services in return
Q3) Government grants that require performance by the not-for-profit organization are recorded on a cash basis.
A)True
B)False
Q4) A not-for-profit organization issues a Statement of Financial Position.
A)True
B)False
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Chapter 19: Accounting for Not-For-Profit Colleges and Universities and Health Care Organizations
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Q1) A collection of first editions is donated to the university for its library.Which is the correct credit?
A)Net investment in Plant
B)No entry is required
C)Revenues, temporarily unrestricted contributions
D)Fund Balance, restricted
Q2) Government grants which are essentially a pass-through of financial aid to students are accounted for as:
A)agency transactions.
B)restricted revenue.
C)increases in unrestricted assets.
D)annuity income.
Q3) In a private health care organization, plant replacement and expansion funds account for:
A)property improvements.
B)issuance of long-term debt.
C)payments on long-term debt.
D)none of the above
Q4) Are not-for-profit universities required to use fund accounting?
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Chapter 20: Estates and Trusts: Their Nature and the Accountants
Role
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Q1) Mr.Riekoff died and left the following stocks to his two sons: ? ? \(\begin{array}{lll}
&\text { Tom } & \text { Ted } \\ &\text { Alpha Co. } & \text { Beta Co.} \\
\text { Cost } & \$ 50,000 & \$ 60,000 \\
\text { Value at date of death } & \$ 20,000 & \$ 98,000 \end{array}\) Required: ?
a.If both sons sold their stocks ten months after their father's death for $50,000 and the alternate valuation was not used, what would their respective capital gains/losses be?
b.Assuming that the price of the stock remained constant in the year prior to Mr.Riekoff's death, what might have been a better method of handling the stocks from a tax planning perspective? Explain why.
Q2) A trust created through a will is called a testamentary trust. A)True B)False
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Chapter 21: Debt Restructuring, Corporate Reorganizations, and Liquidations
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Q1) Below is a list of unsecured items that may arise during a Chapter 7 liquidation.
a.Wages up to $4,000 earned within 90 days before the filing.
b.Tax claims of a government unit.
c.Debts incurred after commencement of involuntary bankruptcy but before the order for relief.
d.Claims of general creditors not granted priority.
e.Deposits up to $1,800 each for goods or services never received from the debtor.f.Expenses to administer the estate.g.Unpaid contributions to employee benefit plans arising from service performed up to 180 days before filing, up to $4,000 per employee covered.
Q2) The primary purpose of the Statement of Affairs is to approximate the estimated amount available to each class of claims.
A)True
B)False
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Chapter 22: Derivatives and Related Accounting Issues
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Q1) Under special accounting treatment for cash flow hedge of a forecasted transaction, the relationship between the change in value of a derivative instrument and the change in value of the forecasted transaction affects the amount of gain (loss) that should be in Other Comprehensive Income (OCI).If the amount of gain on derivatives that is classified as OCI is $17,500 and the cumulative loss on the remaining forecasted transaction is ($13,200), the amount of OCI to be reclassified as a component of current earnings is A)$4,300.
B)$13,200.
C)$17,500.
D)not applicable.
Q2) If the change in the value of the derivative (gain or loss) exceeds the change in the value of the forecasted transaction, the excess is considered the ineffective portion of the derivative and is recognized in OCI.
A)True
B)False
Q3) The gains and losses from fair value hedges are reported in earnings.
A)True
B)False
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Chapter 23: Equity Method for Unconsolidated Investments
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Q1) Per the FASB< to be considered an influential investment the investor must own at least 50% of the total ownership position.
A)True
B)False
Q2) If the market value of an equity method investment falls below its book value:
A)it is accounted for at the lower of cost or market so an adjustment is made whenever this occurs.
B)it is written down, but when the value rebounds, it is readjusted to its original value.
C)it is written down if the decline is considered permanent in nature with no subsequent increase in value.
D)it is written down if the decline is considered permanent in nature with no subsequent increase in value other than regular equity method adjustments.
Q3) All but the following are required disclosures for equity method investors:
A)Percentage of ownership in the investment.
B)Underlying book value of the investment.
C)The market value of the investment, if available.
D)All of these items are required disclosures.
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Chapter 24: Variable Interest Entities
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Q1) Income of the consolidated company is distributed based on contractual terms, not the Primary Company ownership of VIE common stock.
A)True
B)False
Q2) The primary bene ciary will likely record its share of VIE interest revenue on its books.
A)True
B)False
Q3) The primary bene ciary has control of the variable interest entity (VIE) based on its power to control the activities of the VIE and the obligation to absorb losses and receive bene ts from the VIE.
A)True
B)False
Q4) The entity having control of a VIE is referred to as the parent company. A)True
B)False
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