Advanced Accounting Mock Exam 2011-2012 Use these questions to prepare for your exam coming soon. This is not guarantee that the exam will be similar except the fact that the exam will also have multiple choice questions. Question 1: An analyst evaluating financial statements for various firms is most likely to conclude that: a) U.S. GAAP ensures uniformity in accounting practices among different firms. b) Firms account for their debt obligations in the liabilities section of the income statement
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References: ACCA (2014) ACCA Qualification [online]‚ Available from: < http://www.accaglobal.com/my/en/qualifications/glance/acca/details.html> [Assessed 1 May 2014] DISTED COLLEGE NEWS (2012) Accountants in high demand [online]‚ Available at: < http://www.disted.edu.my/events/12/ev-news-accountancy-talk-union.htm> [Assessed
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ACCA QUALIFICATION COURSE NOTES ACCA F1 FAB FIA ACCOUNTANT IN BUSINESS JUNE 2012 EXAMINATIONS OpenTuition Course Notes can be downloaded FREE from www.OpenTuition.com Copyright belongs to OpenTuition.com - please do not support piracy by downloading from other websites. Visit opentuition.com for the latest updates‚ watch free video lectures and get free tutors’ support on the forums Free ACCA Notes & Lectures by Paper (on line on http://opentuition.com/acca/) F1 Accountant
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States and International Financial Reporting Standards‚ adopted by nearly 100 countries worldwide‚ continue to use fair value extensively—for example‚ in accounts concerning derivatives and hedges‚ employee stock options‚ financial assets‚ and goodwill impairment testing. One explanation for the rise of fair value accounting is that finance
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CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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Changes in Estimates‚ and Changes in Accounting Policies 2 V. Cash and Receivables 3 VI. Inventories 3 VII. Financial Assets 3 VIII. Property‚ Plant‚ and Equipment 4 IX. Intangible Assets‚ Goodwill‚ Mineral Resources‚ and Agriculture 4 X. Applications of Fair Value: Revaluations‚ Impairments‚ and Non-current Assets Held for Sale 4 XI. Current Liabilities 5 XII. Contingencies 5 XIII. Equity 6 XIV. Complex Financial Instruments 6 XV. Earnings per Shares. 6 XVI. Accounting for
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ACCA has developed a network of partnerships with accountancy bodies and organisations around the world. These partnerships allow us to deliver qualifications and services and develop the accountancy profession internationally. Many of ACCA ’s partners offer discounts on their courses‚ membership fees or tuition materials to ACCA members - check their pages for further information. ACADEMIC PARTNERSHIPS Global MBA with Oxford Brookes University Diploma in Financial Strategy‚ in association with
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Question 1 Use the data below to answer Parts (a) through (c). Show all calculations in your solutions. On January 1‚ 20X2‚ Haika Inc. purchased 60% of the outstanding voting shares of Selina Co. for $3‚000‚000. On that date‚ Selina’s shareholders’ equity consisted of retained earnings of $2‚000‚000 and ordinary shares of $1‚000‚000. Selina’s identifiable assets and liabilities had fair values that were equal to their carrying values on January 1‚ 20X2‚ except for the following: | Fair value
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net sales and in net income from 2007 to 2008. c. What are Dow’s major categories of expenses? Do you detect any significant changes in the structure of costs in 2008 compared to 2007? d. Dow shows separate lines on the income statement for goodwill impairment losses‚ restructuring charges‚ purchased in-process research and development charges‚ acquisition-related expenses and asbestos-related credits. Why do you think the company chose not to just include all of the amounts within the line item for
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cannot not be seen‚ touched or physically measured‚ which are created through time and/or effort and that are identifiable as a separate asset. Corporate intellectual property (items such as patents‚ trademarks‚ copyrights‚ business methodologies)‚ goodwill and brand recognition are all common intangible assets in today’s marketplace. Intangible assets have 3 critical attributes which are: • Indetifiability. This means that they must be capable of being separated from the rest of the company and
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