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TECHNOLOGICAL INSTITUTE OF THE PHILIPPINES ADVANCED ADVANCED ACCOUNTING 2
Assignment: Choose the best answer and be prepared TO JUSTIFY JUSTIFY your answer next meeting. . !hi"h o# the the #o$$owing #o$$owing items items that that are re"orded re"orded at the a"%uir a"%uiree&s ee&s boo's boo's at a"%uisitio a"%uisitionn date "annot "annot be re"orded at the a"%uirer&s boo'( .
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a. Cont Contin inge gent nt )ia )iabi bi$i$ity ty b. *oodwi$$ ". +rem +remiu ium m on ,ond ,ondss +ayab +ayab$e $e d. -ar' -ar'et etab ab$e $e Se"u Se"uri ritities es !hi"h !hi"h o# the the #o$$o #o$$owin wingg statem statement entss is #a$se #a$se(( I. In a business "ombination in "ontra"t a$one/ the a"%uirer sha$$ remeasure its pre0ious$y he$d e%uity interest in the a"%uiree at its a"%uisition1date #air 0a$ue and re"ogni2e the resu$ting gain or $oss/ i# any/ in pro#it or $oss II. In a business "ombination in "ontra"t a$one/ the a"%uirer sha$$ attribute to the owners o# the a"%uiree the amount o# the a"%uiree&s net assets re"ogni2ed in a""ordan"e with this IF3S. a. I on$y. b. II on$y ". ,oth I and IIII. d. 4ei 4eithe ther I nor nor IIII. !hi"h o# o# the #o$$owing #o$$owing may may not be gi0en gi0en as a "onsiderati "onsideration on by an an a"%uirer( a"%uirer( a. ,ond b. +re# +re#er erre redd St Sto"' o"' ". Con0 Con0ert ertib ib$e $e +re# +re#er erre redd Sto Sto"' "' d. 4one 4one o# the abo0 abo0ee In busines businesss "ombinat "ombination/ ion/ the measure measurement ment period a$$owed a$$owed is: is: a. One year year #rom #rom the $i%uid $i%uidati ation on date. date. b. One year year #rom #rom the the end end o# the the repor reportin tingg period period.. ". One One yea yearr #ro #rom m "on "ontr tra" a"tt dat date. e. d. One One year year #rom #rom a"% a"%ui uisi sitition on date date.. An entity entity pur"hased pur"hased 889 o# the net assets assets o# another another entity entity. On the a"%uirer&s a"%uirer&s boo's/ whi"h whi"h o# the #o$$owing #o$$owing a""ounts is 4OT usua$$y debited( a. Common Sto"' b. Share +r +remium ". 3et 3etaine ainedd arn arnin inggs d. *oodwi$$ A#ter A#ter initia$ re"ognit re"ognition/ ion/ the a"%uirer a"%uirer sha$$ sha$$ measure measure goodwi$$ goodwi$$ a"%uired a"%uired in a business "ombinati "ombination on at: a. Fair Fair 0a$ue 0a$ue $ess any any a""um a""umu$a u$ated ted impa impairm irment ent $oss $osses es b. Cost $ess $ess any a""umu a""umu$ated $ated amorti2ati amorti2ation on and a""umu$ated a""umu$ated impairment impairment $osses ". Cost Cost $ess $ess any any a""umu a""umu$at $ated ed impai impairme rment nt $oss $osses es d. Fair 0a$ue 0a$ue $ess $ess any a""umu$at a""umu$ated ed amorti2at amorti2ation ion and a""umu$ a""umu$ated ated impairm impairment ent $osses $osses !hi"h o# o# the #o$$owing #o$$owing best best des"ribes des"ribes the re"o0era re"o0erab$e b$e amount amount o# o# an asset( asset( a. =igher =igher o# 0a$u 0a$uee in use and and #air #air 0a$ue 0a$ue $ess $ess "ost "ost to se$$. se$$. b. =igher =igher o# 0a$ue 0a$ue in in use use and and #air #air 0a$ue 0a$ue.. ". =igher =igher o# "arr "arryin yingg amoun amountt and and #air #air 0a$u 0a$ue. e. d. =igher o# "arrying "arrying amount amount and #air 0a$ue $ess "ost to se$$. se$$. !hi"h !hi"h o# the #o$$ow #o$$owing ing stat stateme ements nts is is true( true( I I# the "ontingent "onsideration "onsideration is "$assi#ied as an e%uity instrument/ instrument/ the origina$ amount is remeasured. remeasured. II. The re%uirements o# IAS 5< Provisions, Contingent Liabilities and Contingent Assets do Assets do not app$y to the re"ognition o# "ontingent $iabi$ities arising in a business busines s "ombination. a. I on$y. b. II on$y. ". ,oth I and II. d. 4eit 4eithe herr I nor nor II. II.
?. !hi"h o# the the #o$$owi #o$$owing ng is a re%uired re%uired dis"$osure dis"$osure #or #or an a"%uirer( a"%uirer( a. 4ame 4ame and and des"r des"ript iption ion o# the a"%uir a"%uiree. ee. b. +er"en +er"entag tagee o# non1 non10ot 0oting ing shares shares a"%u a"%uire ired. d. ". 4ame 4ame o# the the new "ompa "ompany ny in the the "ase "ase o# "onso$ "onso$idat idation ion.. d. Amount Amount o# o# intern interna$$ a$$yy genera generated ted good goodwi$ wi$$.$.
8. !hi"h o# the #o$$owing statements is true( I.IF3S 5 is not app$i"ab$e to businesses under "ommon "ontro$ "ombinations. II.A$$ business "ombinations shou$d be a""ounted #or using a"%uisition method. a. I on$y b. II on$y ". ,oth I and II. d. 4either I nor II. . !hi"h o# the #o$$owing is in"$uded as part o# the "onsideration gi0en( a. Indire"t "ost and a"%uisition re$ated expenses b. A$$ dire"t expenses re$ating to the a"%uisition ". Contingent "onsideration d. Cost re$ated to the issuan"e o# sto"'s. . An entity debited 3etained arnings to re"ord registration #ees paid to issue e%uity se"urities. !hat is the e##e"t o# this to the Sto"'ho$der&s %uity and )ega$ Capita$ respe"ti0e$y( a. Understated/ Understated b. Understated/ 4o e##e"t ". 4o e##e"t/ Understated d. 4o e##e"t/ 4o e##e"t 5. An entity pur"hased 889 o# the net assets o# another entity. On the a"%uiree&s boo's/ whi"h o# the #o$$owing a""ounts is 4OT usua$$y debited( a. Common Sto"' b. Share +remium ". 3etained arnings d. *oodwi$$ 6. An a"%uiree initia$$y re"orded and subse%uent$y measured its ++ using the "ost method. The #air 0a$ue o# the a"%uiree&s bui$ding was assessed to ha0e a #air 0a$ue whi"h is higher than the amount re"orded in its boo'. Shou$d this bui$ding be assessed in its #air 0a$ue in determining the goodwi$$ o# the a"%uirer( a. Yes/ be"ause this in"rease is a ho$ding gain on the part o# the a"%uiree. b. 4o/ be"ause the a"%uiree e$e"ted the "ost method o# measuring ++. ". Yes/ be"ause a$$ the assets and $iabi$ities shou$d be measured at #air 0a$ue. d. 4o/ be"ause this 0io$ates the prin"ip$e o# "onser0atism. 7. !hen does an a"%uiree debit its Share +remium a""ount( a. !hen it pays "ost o# issuan"e o# shares. b. !hen it pays dire"t or indire"t a"%uisition "osts. ". !hen it $i%uidates. d. 4one o# the "hoi"es. ;. !hi"h o# statement@s best des"ribe the poo$ing o# interest method( a. IF3S 5 re%uires the use o# this method in business "ombinations. b. Assets and $iabi$ities o# a"%uiree are re"orded at their boo' 0a$ues. ". *oodwi$$ and gain on a"%uisition are re"orded under this method. d. 4one o# the "hoi"es. <. . In a""ounting #or business "ombinations/ whi"h o# the #o$$owing intangib$es shou$d not be re"ogni2ed( a. Trademar's b. )ease agreements ". mp$oyee %ua$ity d. +atents >. The genera$ guide$ine #or assigning amounts to the in0entories a"%uired pro0ide #or: a. 3aw materia$s to be 0a$ued at origina$ "ost. b. !or' in pro"ess to be 0a$ued at the estimated se$$ing pri"e o# #inished goods $ess both "osts to "omp$ete and "osts o# disposa$. ". Finished goods to be 0a$ued at rep$a"ement "ost. d. Finished goods to be 0a$ued at estimated se$$ing pri"e $ess both "ost o# disposa$ and a reasonab$e pro#it a$$owan"e.
