WGU C243 - Advanced Financial Accounting final exam with correct Question and Answers 2024

WGU C243 - Advanced Financial Accounting final exam with correct Question and Answers 2024 Investment Balance (Equity Method) Cost + Net Income - Dividends Paid Investment Income (Equity Method) Net Income Investment Income (Cost Method) Dividend Investment Balance (Cost Method) Cost Investment Balance (Fair Value Method) Fair Value of Shares held Investment Income (Fair Value Method) Dividend (+/-) Change in Fair Value of investment Equity Method Primary use Reporting No subsidiary Investments Consolidated Common Stock Parents Common Stock Consolidated Assets Parents Assets + Subsidiary's Assets (+/-) Unamortized Differential Assigned to Assets Consolidated Retained Earnings Parents Retained Earnings Consolidated Land (Immediately after acquisition) Parent's Land at Book Value - Sub's land at Fair Value Differential Implied Fair Value - Book Value of Sub Investment in Sub (Book Value of Sub + Unamortized Differential) X % of Ownership Book Value (acquiring a company) Common Stock + Retained Earnings All of them What subsidiary Stockholders equity accounts should be eliminated in a consolidated Balance Sheet? Elimination Entries Used in consolidation worksheet to adjust the totals of the individual account balances of the separate consolidating companies to reflect the amounts that would appear if the legally separate companies were actually a single company. Reporting of Extraordinary Items Recognized in the period they occur Securities Act of 1933 Accountants are liable for any materially false or misleading information in the financial statements with the exception of financial statements reviewed by other parties Sarbanes-Oxley Act The SEC is responsible for enforcing Transferring Assets Book Value Purchased Assets Fair Market Value Fair Market Value The price a willing buyer would pay a willing seller in a free marke