Advanced Accounting 1
Quiz 1 (5%)
1. What percentage of ownership is used as a guideline to determine that significant
influence exists under IAS 28?
A. 20% or more.
B. Less than 20%.
C. Between 20% and 50%.
D. 25% or more.
2. Gains and l
1. Any negative goodwill arising on the date of acquisition:
A. is recognized as a gain on the date of acquisition.
B. is prorated among the parent company's identifiable net assets.
C. should be amortized over a predetermined period.
D. is recognized as
First Quantum Minerals Ltd (FQM) is a well established and rapidly growing mining
and metal corporation. Its main operations include mineral exploration and
development involving copper, nickel, zinc, gold and platinum.
In order to become