Acc Quizzes & Trivia


Acc Questions and Answers


  • IFRS allows an alternative method for valuing the acquired subsidiary’s goodwill.  When is U.S. GAAP and IFRS valuation the same regardless of which valuation method is used under IFRS?
    Acc question from

  • Which is the best measure of fair value per share for the noncontrolling interest in a subsidiary at the date of acquisition, if the subsidiary’s stock is actively traded?
    Acc question from

  • As compared with past practice, SFAS 160 requirements for displaying noncontrolling interests in the consolidated income statement:
    Acc question from

  • A 80%-owned subsidiary provides services to its parent during 2013.  Cost of services provided is $200,000.  The subsidiary charged the parent $450,000 for the services.  Which statement is true concerning the information that should appear on the 2013 consolidated income statement?
    Acc question from

  • A parent provided services to its subsidiary in 2011, at a cost to the parent of $300,000.  The parent charged the subsidiary $325,000 for the services.  On the 2011 consolidated income statement, what should be reported with respect to this information?
    Acc question from

  • A subsidiary sells merchandise to its parent at a markup of 25% on cost.  In 2011, the parent paid $500,000 for merchandise received from the subsidiary.  By year-end 2011, the parent has sold $400,000 of the merchandise to outside customers for $450,000, but still holds the other $100,000 in its ending inventory.  Which statement is true concerning the information reported on the 2011 consolidated financial statements?
    Acc question from