Ask Experts Questions for FREE Help !
Ask
    Jan Caldwell's Avatar
    Jan Caldwell Posts: 5, Reputation: 1
    New Member
     
    #1

    Dec 4, 2006, 09:31 AM
    Common stock
    When Jolt Co acquired 75% of the common stock of Yelts Corp, Yelts owned land with a book value of $70,000 and a fair market value of $100,000.

    1) What amount should have been reported for the land on a consolidated balance sheet, assuming the economic unit concept was used?
    A) $70,000
    B) $75,000
    C) $85,000
    D) $92,500
    E) $100,000

    2) What amount should have been reported for the land on a consolidated balance sheet, assuming the proportionate consolidation concept was used?
    A) $70,000
    B) $75,000
    C) $85,000
    D) $92,500
    E) $100,000

    3) What amount should have been reorted for the land on a consolidated balance sheet, assuming the parent company concept was used?
    A) $70,000
    B) $75,000
    C) $85,000
    D) $92,500
    E) $100,000
    Jan Caldwell's Avatar
    Jan Caldwell Posts: 5, Reputation: 1
    New Member
     
    #2

    Dec 4, 2006, 09:38 AM
    Preferred stock
    1) Which one of the following characteristics of preferred stock would make the stock resemble a liability?
    A) The preferred stock is callable
    B) The preferred stock is convertible
    C) The preferred stock has warrants attached
    D) The preferrred stock is noncumulative
    E) The preferred stock is participating.

    2) SFAS14 requires a U.S. corporation to disclose disaggregated information for
    A)industry segments, geographic regions in the United States, and major customers
    B)domestic and foreign operations, imported materials, export sales, and major
    Customers
    C)industry segments, export sales, and imported materials
    D)manufacturing, marketing, and administrative divisions of the company
    E)industry segments, domestic and foreign operations, export sales, and major customers

    3) Which of the following items is not one of the ten accounting issues most commonly
    Requiring adjustments in foreign reconciliations to U.S. GAAP?
    A)Foreign currency translation
    B)Employee compensation
    C)Deferred taxes
    D)Gain/loss on dispossal of assets
    E)Interest expense

    4) Which tests must a company use to determine which operating segments require
    Separate disclosure?
    A)revenue test and asset test
    B)revenue test, profit or loss test, and asset test
    C) revenue test and profit or loss test
    D) profit or loss testt and asset test
    E) revenue test, asset test, and liability test
    Jan Caldwell's Avatar
    Jan Caldwell Posts: 5, Reputation: 1
    New Member
     
    #3

    Dec 4, 2006, 09:41 AM
    Accounting
    1) What is a company's functional currency?
    A) the currency of the primary economic environment in which it operates
    B) the currency of the country where it has its headquarters
    C) the currency in which is prepares its financial statements
    D) the reporting currency of its parent for a subsidiary
    E) the currency it chooses to designate as such

    2) Whichof the following is not a factor influencing a country's financial reporting
    Practices?
    A) Providers of financing
    B) Inflation
    C) Legal system
    D) Gross National Profit
    E) Political and economic ties
    andrearblack's Avatar
    andrearblack Posts: 1, Reputation: 1
    New Member
     
    #4

    Jan 23, 2007, 07:09 PM
    Comment on Jan Caldwell's post
    No - no answer given
    MIKEDOGG's Avatar
    MIKEDOGG Posts: 2, Reputation: 0
    New Member
     
    #5

    Dec 2, 2009, 06:49 PM
    A
    MIKEDOGG's Avatar
    MIKEDOGG Posts: 2, Reputation: 0
    New Member
     
    #6

    Dec 2, 2009, 06:51 PM
    Aassss
    judith19jb's Avatar
    judith19jb Posts: 2, Reputation: 1
    New Member
     
    #7

    Sep 3, 2011, 05:53 AM
    1.B
    2.E
    3.B
    judith19jb's Avatar
    judith19jb Posts: 2, Reputation: 1
    New Member
     
    #8

    Sep 3, 2011, 05:56 AM
    1.E
    2.B
    3.C

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Stock provision and over valuation of stock [ 4 Answers ]

can anyone send me double entry for stock provision ? Provision amount is 200,000. further stock is over valued by 100,000 what will be the accounting entry for over valuation of stock. Early response will be of immmmmense help for me:o

Common stock analysis [ 1 Answers ]

What is common stock analysis by: Gitman?

Need help with common and preferred stock [ 0 Answers ]

Common and preferred stock—issuances and dividends. Flameco Corp. was incorporated on January 1, 2003, and issued the following stock, for cash: 1 1,250,000 shares of $9 par per share common stock were authorized; 550,000 shares were issued on January 1,...

Westinghouse Common Stock [ 1 Answers ]

Does any one know the value of Westinghouse Common Stock or know were I may find this info. thank you.


View more questions Search