Ch1021.A business combination is defined as:a.A transaction in which an acquirer obtains b.A transaction in which one entity obtains control c. A transaction or other event in which an acquirer obtains control of one or more businessesd.A transaction or other event in which an entity obtainscontrol of one or more businessescontrol of an acquireeof one or more other entitiesThe correct answer is C25.Where the acquirer purchases assets and assumes liabilities of another entity it does not need to consider measurement of:The correct answer is C27.The following items are not deemed to be items that would meet the definition of an intangible asset under AASB 3:The correct answer is B28.Net employee benefit liabilities acquired in a business combination are measured by using the:The correct answer is A29.Oliveira Limited estimated that the net present value of future cash flows from Equipment acquired in a businesscombination is $15 000. The cost of replacing the Equipment is estimated to be $18 000. The Equipment has been independently appraised at a value of $14 000. A similar item of Equipment cost the acquirer $19 000 last year. The fair value at which the Equipment will be recognised when recording the business combination is:a.$14 000b.$15 000c.$18 000d.$19 000.Feedback: Section 10.4 Accounting in the records of the acquirer: recognition and measurement of assets acquired and liabilities assumed [step 3]The correct answer is A32.The consideration transferred in a business combination is measured as the fair value of the:The correct answer is C
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