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PackageATitle:ATestABankAQuestions
CourseATitle:AAdvancedAAccounting,A6e
ChapterANumber:A2
QuestionAType:AMultipleAChoice
1)ASFASA141RArequiresAthatAallAbusinessAcombinationsAbeAaccountedAforAusing:
a) theApoolingAofAinterestsAmethod.
b) theAacquisitionAmethod.
c) eitherAtheAacquisitionAorAtheApoolingAofAinterestsAmethods.
d) neitherAtheAacquisitionAnorAtheApoolingAofAinterestsAmethods.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA01
Difficulty:AEasy
LearningAObjective:A1ADescribeAtheAmajorAchangesAinAtheAaccountingAforAbusinessAcombinatio
nsApassedAbyAtheAFASBAinADecemberA2007,AandAtheAreasonsAforAthoseAchanges.ASectionARefer
ence:A2.1
2) UnderAtheAacquisitionAmethod,AifAtheAfairAvaluesAofAidentifiableAnetAassetsAexceedAtheAval
ueAimpliedAbyAtheApurchaseApriceAofAtheAacquiredAcompany,AtheAexcessAshouldAbe:
a) accountedAforAasAgoodwill.
b) allocatedAtoAreduceAcurrentAandAlong-livedAassets.
c) allocatedAtoAreduceAcurrentAassetsAandAclassifyAanyAremainderAasAanAextraordinaryAgain.
d) allocatedAtoAreduceAanyApreviouslyArecordedAgoodwillAonAtheAseller’sAbooksAandAclassifyAa
nyAremainderAasAanAordinaryAgain.
Answer:Ad
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA02
Difficulty:AEasy
LearningAObjective:A6ADescribeAtheAvaluationAofAassets,AincludingAgoodwill,AandAliabilitiesAacquir
edAinAaAbusinessAcombinationAaccountedAforAbyAtheAacquisitionAmethod.ASectionAReference:A2.3
3) InAaAperiodAinAwhichAanAimpairmentAlossAoccurs,ASFASANo.A142ArequiresAeachAofAtheAfollowi
ngAnoteAdisclosuresAEXCEPT:
a)AaAdescriptionAofAtheAfactsAandAcircumstancesAleadingAtoAtheAimpairment.
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A A A A A A A A A
b) theAamountAofAgoodwillAbyAreportingAsegment.
c) theAmethodAofAdeterminingAtheAfairAvalueAofAtheAreportingAunit.
d) theAamountsAofAanyAadjustmentsAmadeAtoAimpairmentAestimatesAfromAearlierAperiods,A
ifAsignificant.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA03
Difficulty:AEasy
LearningAObjective:A3ADiscussAtheAgoodwillAimpairmentAtest,AincludingAitsAfrequency,AtheAstepsAla
idAoutAinAtheAnewAstandard,AandAsomeAofAtheAimplementationAproblems.ASectionAReference:A2.1
4) OnceAaAreportingAunitAisAdeterminedAtoAhaveAaAfairAvalueAbelowAitsAcarryingAvalue,AtheAgoodw
illAimpairmentAlossAisAcomputedAbyAcomparingAthe:
a) fairAvalueAofAtheAreportingAunitAandAtheAfairAvalueAofAtheAidentifiableAnetAassets.
b) carryingAvalueAofAtheAgoodwillAtoAitsAimpliedAfairAvalue.
c) fairAvalueAofAtheAreportingAunitAtoAitsAcarryingAamountA(goodwillAincluded).
d) carryingAvalueAofAtheAreportingAunitAtoAtheAfairAvalueAofAtheAidentifiableAnetAassets.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA04
Difficulty:AMedium
LearningAObjective:A3ADiscussAtheAgoodwillAimpairmentAtest,AincludingAitsAfrequency,AtheAstepsAla
idAoutAinAtheAnewAstandard,AandAsomeAofAtheAimplementationAproblems.ASectionAReference:A2.1
5) SFASA141RArequiresAthatAtheAacquirerAdiscloseAeachAofAtheAfollowingAforAeachAmaterialAbusine
ssAcombinationAEXCEPTAthe:
a) nameAandAaAdescriptionAofAtheAacquireeAacquired.
b) percentageAofAvotingAequityAinstrumentsAacquired.
c) fairAvalueAofAtheAconsiderationAtransferred.
d) eachAofAtheAaboveAisAaArequiredAdisclosure
Answer:Ad
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA05
Difficulty:AEasy
LearningAObjective:A9ADescribeAtheAdisclosureArequirementsAaccordingAtoAcurrentAGAAPArelatedA
toAeachAbusinessAcombinationAthatAtakesAplaceAduringAaAgivenAyear.ASectionAReference:A2.1
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A A A A A A A A A
6) InAaAleveragedAbuyout,AtheAportionAofAtheAnetAassetsAofAtheAnewAcorporationAprovidedAbyAt
heAmanagementAgroupAisArecordedAat:
a) appraisalAvalue.
b) bookAvalue.
c) fairAvalue.
d) lowerAofAcostAorAmarket.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA06
Difficulty:AMedium
LearningAObjective:A8ADescribeAaAleveragedAbuyout.
SectionAReference:A2.6
7) WhenAtheAacquisitionApriceAofAanAacquiredAfirmAisAlessAthanAtheAfairAvalueAofAtheAidentifiableA
netAassets,AallAofAtheAfollowingAareArecordedAatAfairAvalueAEXCEPT:
a) AssumedAliabilities.
b) CurrentAassets.
c) Long-livedAassets.
d) EachAofAtheseAisArecordedAatAfairAvalue.
Answer:Ad
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA07
Difficulty:AEasy
LearningAObjective:A6ADescribeAtheAvaluationAofAassets,AincludingAgoodwill,AandAliabilitiesAacquir
edAinAaAbusinessAcombinationAaccountedAforAbyAtheAacquisitionAmethod.ASectionAReference:A2.3
8)AUnderASFASA141R:
a) bothAdirectAandAindirectAcostsAareAtoAbeAcapitalized.
b) bothAdirectAandAindirectAcostsAareAtoAbeAexpensed.
c) directAcostsAareAtoAbeAcapitalizedAandAindirectAcostsAareAtoAbeAexpensed.
d) indirectAcostsAareAtoAbeAcapitalizedAandAdirectAcostsAareAtoAbeAexpensed.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA08
Difficulty:AEasy
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PackageATitle:ATestABankAQuestions
CourseATitle:AAdvancedAAccounting,A6e
ChapterANumber:A2
QuestionAType:AMultipleAChoice
1)ASFASA141RArequiresAthatAallAbusinessAcombinationsAbeAaccountedAforAusing:
a) theApoolingAofAinterestsAmethod.
b) theAacquisitionAmethod.
c) eitherAtheAacquisitionAorAtheApoolingAofAinterestsAmethods.
d) neitherAtheAacquisitionAnorAtheApoolingAofAinterestsAmethods.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA01
Difficulty:AEasy
LearningAObjective:A1ADescribeAtheAmajorAchangesAinAtheAaccountingAforAbusinessAcombinatio
nsApassedAbyAtheAFASBAinADecemberA2007,AandAtheAreasonsAforAthoseAchanges.ASectionARefer
ence:A2.1
2) UnderAtheAacquisitionAmethod,AifAtheAfairAvaluesAofAidentifiableAnetAassetsAexceedAtheAval
ueAimpliedAbyAtheApurchaseApriceAofAtheAacquiredAcompany,AtheAexcessAshouldAbe:
a) accountedAforAasAgoodwill.
b) allocatedAtoAreduceAcurrentAandAlong-livedAassets.
c) allocatedAtoAreduceAcurrentAassetsAandAclassifyAanyAremainderAasAanAextraordinaryAgain.
d) allocatedAtoAreduceAanyApreviouslyArecordedAgoodwillAonAtheAseller’sAbooksAandAclassifyAa
nyAremainderAasAanAordinaryAgain.
Answer:Ad
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA02
Difficulty:AEasy
LearningAObjective:A6ADescribeAtheAvaluationAofAassets,AincludingAgoodwill,AandAliabilitiesAacquir
edAinAaAbusinessAcombinationAaccountedAforAbyAtheAacquisitionAmethod.ASectionAReference:A2.3
3) InAaAperiodAinAwhichAanAimpairmentAlossAoccurs,ASFASANo.A142ArequiresAeachAofAtheAfollowi
ngAnoteAdisclosuresAEXCEPT:
a)AaAdescriptionAofAtheAfactsAandAcircumstancesAleadingAtoAtheAimpairment.
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A A A A A A A A A
b) theAamountAofAgoodwillAbyAreportingAsegment.
c) theAmethodAofAdeterminingAtheAfairAvalueAofAtheAreportingAunit.
d) theAamountsAofAanyAadjustmentsAmadeAtoAimpairmentAestimatesAfromAearlierAperiods,A
ifAsignificant.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA03
Difficulty:AEasy
LearningAObjective:A3ADiscussAtheAgoodwillAimpairmentAtest,AincludingAitsAfrequency,AtheAstepsAla
idAoutAinAtheAnewAstandard,AandAsomeAofAtheAimplementationAproblems.ASectionAReference:A2.1
4) OnceAaAreportingAunitAisAdeterminedAtoAhaveAaAfairAvalueAbelowAitsAcarryingAvalue,AtheAgoodw
illAimpairmentAlossAisAcomputedAbyAcomparingAthe:
a) fairAvalueAofAtheAreportingAunitAandAtheAfairAvalueAofAtheAidentifiableAnetAassets.
b) carryingAvalueAofAtheAgoodwillAtoAitsAimpliedAfairAvalue.
c) fairAvalueAofAtheAreportingAunitAtoAitsAcarryingAamountA(goodwillAincluded).
d) carryingAvalueAofAtheAreportingAunitAtoAtheAfairAvalueAofAtheAidentifiableAnetAassets.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA04
Difficulty:AMedium
LearningAObjective:A3ADiscussAtheAgoodwillAimpairmentAtest,AincludingAitsAfrequency,AtheAstepsAla
idAoutAinAtheAnewAstandard,AandAsomeAofAtheAimplementationAproblems.ASectionAReference:A2.1
5) SFASA141RArequiresAthatAtheAacquirerAdiscloseAeachAofAtheAfollowingAforAeachAmaterialAbusine
ssAcombinationAEXCEPTAthe:
a) nameAandAaAdescriptionAofAtheAacquireeAacquired.
b) percentageAofAvotingAequityAinstrumentsAacquired.
c) fairAvalueAofAtheAconsiderationAtransferred.
d) eachAofAtheAaboveAisAaArequiredAdisclosure
Answer:Ad
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA05
Difficulty:AEasy
LearningAObjective:A9ADescribeAtheAdisclosureArequirementsAaccordingAtoAcurrentAGAAPArelatedA
toAeachAbusinessAcombinationAthatAtakesAplaceAduringAaAgivenAyear.ASectionAReference:A2.1
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A A A A A A A A A
6) InAaAleveragedAbuyout,AtheAportionAofAtheAnetAassetsAofAtheAnewAcorporationAprovidedAbyAt
heAmanagementAgroupAisArecordedAat:
a) appraisalAvalue.
b) bookAvalue.
c) fairAvalue.
d) lowerAofAcostAorAmarket.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA06
Difficulty:AMedium
LearningAObjective:A8ADescribeAaAleveragedAbuyout.
SectionAReference:A2.6
7) WhenAtheAacquisitionApriceAofAanAacquiredAfirmAisAlessAthanAtheAfairAvalueAofAtheAidentifiableA
netAassets,AallAofAtheAfollowingAareArecordedAatAfairAvalueAEXCEPT:
a) AssumedAliabilities.
b) CurrentAassets.
c) Long-livedAassets.
d) EachAofAtheseAisArecordedAatAfairAvalue.
Answer:Ad
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA07
Difficulty:AEasy
LearningAObjective:A6ADescribeAtheAvaluationAofAassets,AincludingAgoodwill,AandAliabilitiesAacquir
edAinAaAbusinessAcombinationAaccountedAforAbyAtheAacquisitionAmethod.ASectionAReference:A2.3
8)AUnderASFASA141R:
a) bothAdirectAandAindirectAcostsAareAtoAbeAcapitalized.
b) bothAdirectAandAindirectAcostsAareAtoAbeAexpensed.
c) directAcostsAareAtoAbeAcapitalizedAandAindirectAcostsAareAtoAbeAexpensed.
d) indirectAcostsAareAtoAbeAcapitalizedAandAdirectAcostsAareAtoAbeAexpensed.
Answer:Ab
QuestionATitle:ATestABankA(MultipleAChoice)AQuestionA08
Difficulty:AEasy
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