Reference no: EM132781257
problem 1: Consolidated assets as of the acquisition date would include the --
a. Sum of parent's and subsidiary's assets at carrying amount
b. Sum of parent's and subsidiary's assets at current amount
c. Sum of parent's assets at carrying amount and subsidiary's assets at current amount
d. Sum of parent's assets at current amount and subsidiary's assets at carrying amount
problem 2: Which of the following is not measured at fair value at acquisition date in a business combination?
a. Receivables
b. Intangibles
c. Assets held for sale
d. Contingent liabilities
problem 3: Which of the following will make the home office account greater than the investment in branch account?
a. The branch paid a home office expense
b. The home office collected a branch customers' account
c. The branch reported a net income
d. The branch return a damaged merchandise to the home office
problem 4: If the investment in branch account is less than the home office account, the home office failed to
a. Recognized the realized mark-up on branch inventory
b. Record the branch's net loss
c. Record the branch's net income
d. Record a home office expense paid by branch
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