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21.Which topic was not covered by FASB under the short-term convergence project? A. Inventory costs. B. Asset exchanges. C. Liability transfers. D. Accounting changes. E. Earnings-per-share. 22.The IASB and FASB are working on several joint projects. What is the purpose of the Financial Statement Presentation Project? A. to provide guidance on the application of the.
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89.On January 1, 2013, Veldon Co., a U.S. corporation with the U.S. dollar as its functional currency, established Malont Co. as a subsidiary. Malont is located in the country of Sorania, and its functional currency is the stickle (§). Malont engaged in the following transactions during 2013:Required:Calculate the translation adjustment.
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Short Answer Questions88.On January 1, 2013, Fandu Corp. began operations of a foreign subsidiary. On April 1, 2013, the subsidiary purchased inventory costing 150,000 stickles. One-fourth of this inventory remained unsold at the end of 2013 while 40% of the liability from the purchase had not yet been paid. The.
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11.On a statement of financial affairs, a company's assets should be valued at A. historical cost. B. net realizable value, if lower than historical cost. C. replacement cost. D. net realizable value, if higher than historical cost. E. net realizable value, whether higher or lower than historical cost. 12.On a statement of financial affairs, a.
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Short Answer Questions 60.Principal Company is a U.S.-based company that prepares its consolidated financial statements in accordance with U.S. GAAP. Principal reported net income of $2,600,000 in 2013 and stockholders' equity of $12,000,000 at December 31, 2013. Principal wants to determine the reporting impact of switching to IFRS. The following three.
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31.The following information pertains to inventory held by a company on December 31, 2013. What amount of inventory should be reported under IFRS? A. $25,000. B. $27,000. C. $30,000. D. $5,000. E. $2,000. 32.The following information pertains to inventory held by a company on December 31, 2013. A. $0. B. $3,000. C. $14,000. D. $10,000. E. $8,400. 33.The following information pertains to.
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90.Ginvold Co. began operating a subsidiary in a foreign country on January 1, 2013 by acquiring all of the common stock for §50,000 Stickles, the local currency. This subsidiary immediately borrowed §120,000 on a five-year note with ten percent interest payable annually beginning on January 1, 2014. A building was.
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11.The prospectus part of a registration contains all except which of the following? A. financial statements for the issuing company audited by an independent CPA along with appropriate supplementary data. B. an explanation of the intended use of the proceeds to be generated by the sale of the new securities. C. a.
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11.Which of the following are not authoritative pronouncements of International Financial Reporting Standards (IFRSs)? 1) International Financial Reporting Standards issued by the IASB 2) International Accounting Standards issued by the IASC and adopted by the IASB 3) Interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) 4) U.S. Generally Accepted Accounting Principles A..
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91.Ginvold Co. began operating a subsidiary in a foreign country on January 1, 2013 by acquiring all of the common stock for §50,000 Stickles, the local currency. This subsidiary immediately borrowed §120,000 on a five-year note with ten percent interest payable annually beginning on January 1, 2014. A building was.
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92.Ginvold Co. began operating a subsidiary in a foreign country on January 1, 2013 by acquiring all of the common stock for §50,000 Stickles, the local currency. This subsidiary immediately borrowed §120,000 on a five-year note with ten percent interest payable annually beginning on January 1, 2014. A building was.
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Multiple Choice Questions 1.A Chapter 7 bankruptcy is a(n) A. involuntary reorganization. B. bankruptcy forced by a company's creditors. C. liquidation. D. bankruptcy in which all creditors receive payment in full. E. voluntary reorganization. 2.Where should a company undergoing reorganization report the gains and losses resulting from the reorganization? A. on the statement of retained earnings. B..
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21.Which one of the following regulates the initial offering of securities by a company or underwriter? A. The Securities Act of 1933. B. The Securities Exchange Act of 1934. C. The Investment Company Act of 1940. D. The Investment Advisers Act of 1940. E. The Sarbanes-Oxley Act of 2002. 22.Which one of the following regulates.
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Essay Questions 47.For each of the following situations, select the best answer concerning information forms filed with the SEC:(A.) Form 10-K(B.) Form 10-Q(C.) Form 8-K(D.) Not required___ 1. A unique or significant happening.___ 2. Annual information required by Regulation S-X.___ 3. Changes in control of the registrant.___ 4. Interim financial statements.___.
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93.Ginvold Co. began operating a subsidiary in a foreign country on January 1, 2013 by acquiring all of the common stock for §50,000 Stickles, the local currency. This subsidiary immediately borrowed §120,000 on a five-year note with ten percent interest payable annually beginning on January 1, 2014. A building was.
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Multiple Choice Questions 1.Which one of the following is not a division of the SEC? A. theDivision of Corporation Finance. B. theDivision of Investment Management. C. theDivision of Compliance Information. D. theDivision of Enforcement. E. theDivision of Trading and Markets. 2.The goals of the SEC include all except which one of the following? A. prohibiting the.
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Multiple Choice Questions 1.In the United States, foreign companies filing annual reports with the SEC that are not prepared in accordance with U.S. GAAP must: A. present financial statements that comply with international GAAP. B. conform with U.S. GAAP or present a reconciliation to U.S. GAAP. C. have a demonstrated need for capital.
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41.Which one of the following forms is used in connection with employee stock plans? A. S-8. B. S-3. C. S-4. D. S-1. E. S-11. 42.Which one of the following forms is used in connection with registration of securities of real estate companies? A. S-8. B. S-1. C. S-4. D. S-3. E. S-11. 43.Which one of the following forms is used.
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