QUIZ- Chapter 6: Consolidated financial statements (part 3) Name:
Date:
___
Year and section:
core:
!"ltiple choice# $rite the letter of the ans%er &efore the n"m&er# '# $hen NCI is meas"red at proportionate share share ood%ill is attri&"ted to ________________## a) the o%ners of the parent
c) &oth the o%ners of the parent and NCI
&) the o%ners of the non-controllin interests interests
d) directl* in e+"it*
,# $hen NCI is meas"red at fair value ood%ill is attri&"ted to ________________## a) the o%ners of the parent
c) &oth the o%ners of the parent and NCI
&) the o%ners of the non-controllin interests interests
d) directl* in e+"it*
3# ach of the ro"p mem&ers. indi/id"al financial statements shall &e ad0"sted first for the follo%in &efore consolidation except : a) in-transit items
c) errors
&) capital e1pendit"res
d) c"rrenc* translations
2# If the parent.s o%nership interest in a s"&sidiar* chanes &"t does not result to a loss of control the chane is acco"nted for as an ______________________# a) income or loss in the statement of profit or loss
c) e+"it* transaction
&) impairment of ood%ill
d) ad0"stment to NCI
# Loss # Loss of control is is acco"nted for _____________________ _____________________ # a) retrospecti/el*
c) &oth retrospecti/el* and prospecti/el*
&) prospecti/el*
d) none of the a&o/e
6# $hich of the follo%in consolidatio consolidation n theories is s"pported s"pported &* PFRS 10 Consolidated 10 Consolidated 4inancial tatements and 54 ', Disclos"re of interests in other entities effecti/e on 7an"ar* ' ,8'39 a) proprietar* theor*
c) h*&rid theor*
&) parent compan* theor*
d) entit* theor*
# If a parent loses control of a s"&sidiar* &* sellin its interest on the s"&sidiar* to an associate or a 0 oint /ent"re the ain or loss from the transaction shall &e reconi;ed in the parent# It is a leal entit* created &* a sponsor to accomplish narro% and %ell- defined o&0ecti/e for the sponsor# a) associate
c) charit* orani;ation
&) special p"rpose entit*
d) %elfare instit"tion
?# In the consolidation of a reverse acquisition, the NCI reflects the NCI
c) carr*in amo"nts at the end of the *ear
&) fair /al"e
d) /al"e in "se
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'8# $hich of the follo%in is not an an e1ample of instances %here the parent can lose control o/er the s"&sidiar*9 a) the parent ac+"ires all remainin NCI in the ac+"ire &) s"&sidiar* &ecomes s"&0ect to the control of a o/ernment o/ernment co"rt administer or re"lator re"lator c) the parent ceases to &e entitled to recei/e ret"rns d) the parent
c) ,38888
&) 328888
d) ,88888
',# E ,8# n 7an"ar* ' ,81, @FC Co sells o"t 68B o"t of its >8B interest in GYZ Inc# for 5'88888# @FC.s remainin ,8B interest in GYZ has a fair /al"e of 5,888# =his i/es @FC sinificant infl"ence o/er GYZ# =he statement of financial position immediatel* &efore the sale are sho%n &elo%# Statement of financial position As at January 1, 20x2 ABC Co. ASSETS
Carryin$ amount !" #nc.
Consolidated
of !"%s net assets
(c) H (&) E (a)
(&)
(a)
Cash
,3888
888
>8888
888
@cco"nts recei/a&le
888
,,888
?888
,,888
'8888
'888
',8888
'888
In/entor* In/estment in s"&sidiar*
888
+"ipment
,88888
8888
,68888
68888
@cc"m"lated depreciation
-68888
-,8888
->2888
(,2888)
Aood%ill
3888 418000
124000
476000
130000
@cco"nts pa*a&le
23888
38888
3888
38888
Fonds pa*a&le
38888
Total liabilities
3888
38888
'83888
'8888
8888
'8888
&'&A( ASS)&S
LIABILITIES AND EQUITY
hare capital hare premi"m
6888
38888
6888
38888
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',-'3# =he a&o/e pro&lem re+"ires ____________________# a) deconsolidation &) consolidation c) re/erse ac+"isition d) sale of s"&siar* '2-'# o% m"ch is the in/estment retained in the former s"&sidiar* reconi;ed9 a) 888 &) '88888 c) 8888 d) ,888 '6-'# o% m"ch is GYZ-,8# o% m"ch is the ain on disposal9 a) 2888 &) '2888 c) '88888 d) 2,888
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'#
@
,#
C
3#
F
2#
C
#
F
6#
D
#
@
>#
F
?#
@
'8# @ ''# D # =he recei/a&le recei/a&le from idel idel %ill &e eliminated in consolidation# consolidation# =he recei/a&le recei/a&le from 5an 5an %ill not &e eliminated (5an is not a s"&sidiar*) th"s it remains# Aohan reports acco"nts reci/a&les reci/a&les from affiliates (5an) of 5,88888 in its consolidated &alance sheet# ', E '3# @# @FC sold 68B o"t of >8B of its interest o/er GYZ %hich res"lts to loss of control o/er the s"&sidiar*# s"&sidiar*# '2-'# D# '6-'# D '>-,8# D
Consideraton received (a fair value)
100000
Investment retained in the former subsidiary (at fair value)
25000
NCI (carrying amoun)
20000
Total
Less: Former subsidiary's net idenable assets (carryin amount) Goodwill (carrying amoun) Gain or loss on disposal of controlling interest
145000 !" 0 0 0 0 0 !000 42000
