Acc Quizzes


Sample Questions


  • As compared with past practice, SFAS 160 requirements for displaying noncontrolling interests in the consolidated income statement:
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  • Which is not one of the three forms of business organization?
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  • Which statement presents information as of a specific point in time?
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  • 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?
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  • 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 statemen...
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  • Stockholders equity represents
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  • 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 so...
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  • 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?
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  • 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 stat...
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