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ACC 577 Final Exam Guide For more course tutorials visit www . uophelp . com

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ACC 577 Final Exam Study Question 1

At the time Company P acquired controlling interest of Company S the following accounts and balances existed on the books of the two companies : Which one of the following amounts should be eliminated in preparing a consolidated balance sheet immediately following the business combination ?

Question 2

In which one of the following cases will a non-cash asset transferred as consideration in a business combination be measured at carrying value , not at fair value ?

Question 3

On January 1 , 200x Ritt Corp . purchased 80 % of Shaw Corp .' s $ 10 par common stock for $ 975,000 . On this date , the carrying amount of Shaw ' s net assets was $ 1,000,000 . The fair values of Shaw ' s identifiable assets and liabilities were the same as their carrying amounts except for plant assets ( net ) which were $ 100,000 in excess of the carrying amount . On that date , the fair value of the 20 % non controlling interest in Shaw was appropriately determined to be $ 200,000 . For the year ended December 31 , 200x , Shaw had net