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AdvancedAccounting,11e(Beams/Anthony/Bettinghaus/Smith)
Chapter1BusinessCombinations
MultipleChoiceQuestions
1)Whichofthefollowingisnotareasonforacompanytoexpandthroughacombination,
ratherthanbybuildingnewfacilities?
A)Acombinationmightprovidecostadvantages.
B)Acombinationmightprovidefeweroperatingdelays.
C)Acombinationmightprovideeasieraccesstointangibleassets.
responsibilityforitsfinancialresults.
Answer:D
Objective:LO1
Difficulty:Easy
2)Abusinessmergerdiffersfromabusinessconsolidationbecause
priorentities.
priorentities.
twoentitiesjoin.
twoentitiesjoin.
Answer:A
Objective:LO2
Difficulty:Easy
whenacompanyacquiresanequityinterestinanotherentityandhas
A)atleast20%ownershipintheentity.
B)morethan50%ownershipintheentity.
C)100%ownershipintheentity.
D)controlovertheentity,irrespectiveofthepercentageowned.
Answer:D
Objective:LO2
Difficulty:Easy
4)Historically,muchofthecontroversyconcerningaccountingrequirementsforbusiness
combinationsinvolvedthe________method.
A)purchase
B)poolingofinterests
C)equity
D)acquisition
Answer:B
Objective:LO2
Difficulty:Easy
Pitchwilltreatthe$50,000as
A)anexpenseforthecurrentyear.
B)apriorperiodadjustmenttoretainedearnings.
C)additionalcosttoinvestmentofSlopeontheconsolidatedbalancesheet.
D)areductioninadditionalpaid-incapital.
Answer:A
Objective:LO3,4
Difficulty:Moderate
sharesofSeuratCompanyinanall-stocktransaction.Picassopaidtheinvestmentbankers
$35,000andwilltreattheinvestmentbankerfeeas
A)anexpenseforthecurrentyear.
B)apriorperiodadjustmenttoRetainedEarnings.
C)additionalgoodwillontheconsolidatedbalancesheet.
D)areductiontoadditionalpaid-incapital.
Answer:D
Objective:LO3
Difficulty:Moderate
7)DurerInc.acquiredSeaCorporat
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