ACCT 501 Exam 1 SP 2012 Review sheet

ACCT 501 Exam 1 SP 2012 Review sheet - Exam 1 Review Sheet...

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1 Exam 1 Review Sheet ACCT501 SP 2012 1. Exam Composition*: (Ch 2) (Ch 3) (Ch 4) (Ch 5) (Ch 6) Total by question type 20 Multiple choice 20 points (10%) 15 points (7.5 %) 20 points (10 %) 30 points (15 %) 15 points (7.5 %) 100 points (50%) 1 Problem This problem Covers the materials from Ch 2 to Ch 5. 100 points (50%) 200 points (100%) There will be 200 points for Exam 1, which represents 20% ( 16% ) of your total course grade if you’re an undergraduate (graduate) student. The 20 multiple choice questions will NOT The one “work-out problem” will be graded for partial credit. Thus, show your work and complete as much as you can on these problems to earn as much credit as possible! be graded for partial credit. The problem has more than one part. You will not be penalized twice for “carry- through errors.” * Slight variations to exam composition may occur.

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2 2. Review by Chapters Ch 2: Consolidation-introduction 1) What are the different ways that business combinations can be created? For each type of acquisition, will the acquired company dissolve? What does the acquiring company acquire? 2) Using the acquisition method, can you compute the acquisition cost (aka fair value of consideration transferred or purchase price)? Do you know how to account for direct cost of acquisition and stock issuance cost? Do you know how to recognize and record the assets acquired and liabilities assumed in the combination? 3) What is the Objectives of Consolidation? 4) On the date of business combination: a. Can you compute the goodwill? b. Can you record the parent’s acquisition in its accounting records? c. Can you prepare consolidation entries and consolidation working paper? d. Can you prepare a consolidated balance sheet and a consolidated income statement? e. Can you compute the consolidated balance for each account in the income statement and the balance sheet without using the consolidation working paper? 5) What are the major differences between IFRS and U.S. GAAP in terms of business combination?
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ACCT 501 Exam 1 SP 2012 Review sheet - Exam 1 Review Sheet...

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