Advanced accounting final - Study guides, Class notes & Summaries

Advanced Accounting Final Exam Content Review of TEST BANK 2024/2025 Questions With Completed & Verified Solutions.

Advanced Accounting Final EXAM 100% solved A translation adjustment must be calculated and disclosed when financial statements of a foreign sub are translated into the parents reporting currency. How is this figure computed, and where is the amount reported in the financial statements? - ANSWER1st compute it to be a gain or loss from foreign currency transactions, and then it is reported in net income during the period in which the fluctuation exchange rate occurred. 2nd is cumulative tr...

The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of: A: quality control. B: generally accepted auditing standards, which include the concept of materiality. C: the auditor's evaluation of the audited company's internal control. D: the applicable financial reporting framework (i.e., GAAP in the United States). - ️️D: the applicable financial reporting framework (i.e....

Advanced Accounting Final EXAM 100% solved A translation adjustment must be calculated and disclosed when financial statements of a foreign sub are translated into the parents reporting currency. How is this figure computed, and where is the amount reported in the financial statements? - ANSWER1st compute it to be a gain or loss from foreign currency transactions, and then it is reported in net income during the period in which the fluctuation exchange rate occurred. 2nd is cumulative tr...

D. (Government-wide financial statements) - ANSWERSwhich group of governmental financial statements reports all revenues and all costs of providing services each year? A. GAAP-based financial statements B. fund-based financial statements C. cost-based financial statements D. government-wide financial statements E. general fund financial statements B. - ANSWERSproprietary funds are: A. funds used to account for the activities of a government that are carried out primarily to provide serv...

WGU C253 OA ADVANCED MANAGERIAL ACCOUNTING FINAL EXAM PRACTICE 2024 QUESTIONS WITH 100% CORRECT DETAILED ANSWERS / SCORED A+

C243 Advanced Financial Accounting Final Exam Study Test Bank (multiple choices and answers) Intercompany income statement accounts are eliminated in consolidation because they are deemed to be: A. artificial transactions B. potentially manipulative transactions C. internal transactions D. at amounts that are not determined on arm-length basis E. none of the above - Correct AnswerC. A parent records amortization of excess value under which method? a. Push down basis of accounting b...

When an investor is deemed to have "control" over an investee, GAAP requires presentation of consolidated financial statements. Which of the following would not be considered an indicator of control? - ANSWERSThe investor owns 40% of the investee's stock and the rest is owned by the investee's founder. Which of the following statements best describes how goodwill is measured? - ANSWERSAcquisition price - Fair value of net tangible assets - Fair value of identifiable intangible assets = Go...

What is an operating segment? - ANSWERSIt is a component of a public entity that meets 3 specific characteristics. What are the 3 characteristics of an operating segment? - ANSWERS1. It engages in business activities that produce revenues and incur expenses 2. Its operating results are regularly reviewed by the public entity's chief operating decision maker to make decisions about resource allocations to the segment 3. Its discrete financial information is available What is the mana...