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ACC 577 Final Exam Guide

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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