Corporate Accounting Question And Answers Homework Help
- August 9, 2017
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- Category: Accounting QA
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Question 1
Jack Limited acquired a 20% investment in Spot Limited for $54 000. Spot Limited declared and paid a dividend of $25 000. Jack Limited does not prepare consolidated financial statements. The appropriate entry for Jack Limited to record this dividend is
a) DR Cash $5 000 CR Investment in associate $5 000
b) DR Investment in associate $5 000 CR Dividend revenue $5 000
c) DR Cash $10 800 CR Dividend revenue $10 800
d) DR Dividends received $10 800 CR Cash $10 800
Question 2
For the purposes of equity accounting for an investment in an associate, it is presumed that the investor has significant influence over the other entity where the investor holds
a) 20% or more of the voting power of the investee
b) between 1% and 5% of the voting power of the investee
c) 50% or more of the voting power of the investee
d) between 5% and 10% of the voting power of the investee
Question 3
Dusty Limited acquired a 25% interest in Snowy Limited for $30 000 on 1 July 2009. Dusty Limited is part of a consolidated group. For the financial year ending 30 June 2010, Snowy Limited had generated a profit before tax of $45 000. Tax rate is 30%. At this date, Snowy Limited took the following action
• revalued assets up to fair value by $10 000
• declared a dividend of $5 000
The balance in the investor’s account ‘Shares in associate’, after equity accounting has been
applied, is
a) $40 875
b) $38 375
c) $39 625
d) $37 875
Question 4
In relation to the order of priority of payment of debts upon liquidation, which statement is correct?
a) deferred creditors rank before ordinary unsecured creditors
b) deferred creditors rank before secured creditors
c) preferential unsecured creditors rank before deferred creditors
d) ordinary unsecured creditors rank before preferential unsecured creditors
Question 5
When translating financial statements into the presentation currency the reserve transfers are:
a) shown at the translated amount based upon the rates that were applicable when the transferred amounts were first recognized in equity
b) not required to be translated
c) shown at the translated amount based upon the average rates for the current period
d) shown at the translated amount based upon the rates at the balance date
Question 6
Where output is shared for jointly controlled assets, the preferred method of accounting for the venturer’s interest is the:
a) line-by-line method
b) consolidation method
c) equity method
d) one-line method
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Question 7
Which of the following is not a characteristic of a Joint Venture?
a) contractual arrangement
b) working capital
c) joint control
d) economic activity
Question 8
According to AASB 127 Consolidated and Separate Financial Statements, non-controlling interest is classified as
a) part of the equity of the group
b) part of the equity of the parent entity
c) a liability of the group
d) a liability of the parent entity
Question 9
IAS 31 Interests in Joint Ventures identifies three forms of joint venture. The key difference between the first two forms (jointly controlled operations and jointly controlled assets) and the third form (jointly controlled entities) is that
a) in the first two forms the venturers have an undivided interest in the assets of the joint venture
b) the first two forms require the use of shared assets
c) in the first two forms the venturers have an interest in the entity rather than the individual assets
d) in the first two forms the entity controls the resources contributed by the venturers
Question 10
As required by AASB 127 Consolidated and Separate Financial Statements, where there are transactions between members of the group, the effects of these transactions are
a) adjusted partially in direct proportion to the level of control held by the parent
b) not adjusted in the consolidation process
c) adjusted in full on consolidation
d) adjusted in proportion to the equity held by the non-controlling interests in the subsidiary
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