江西财经大学高级财务会计国际学院题库.doc

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1、AdvancedAccounting,11e(Beams/Anthony/Bettinghaus/Smith)Chapter5IntercompanyProfitTransactions-InventoriesMultipleChoiceQuestions1)ThematerialsaleofinventoryitemsbyaparentcompanytoanaffiliatedcompanyA)enterstheconsolidatedrevenuecomputationonlyifthetransferwastheresultofarm'slengthbargaining.B)af

2、fectsconsolidatednetincomeunderaperiodicinventorysystembutnotunderaperpetualinventorysystem.C)doesnotresultinconsolidatedincomeuntilthemerchandiseissoldtooutsideparties.D)doesnotrequireaworkingpaperadjustmentifthemerchandisewastransferredatcost.Answer:CObjective:LO1Difficulty:Easy2)PhastCorporat

3、ionownsa80%interestinStechnoCompany,acquiredseveralyearsagoatacostequaltobookvalueandfairvalue.StechnosellsmerchandisetoPhastforthefirsttimein2011,andsomeisunsoldatDecember31,2011.Incomputingincomefromtheinvesteefor2011undertheequitymethod,Phastuseswhichequation?A)80%ofStechno'sincomeless100%oft

4、heunrealizedprofitinPhast'sendinginventoryB)80%ofStechno'sincomeplus100%oftheunrealizedprofitinPhast'sendinginventoryC)80%ofStechno'sincomeless80%oftheunrealizedprofitinPhast'sendinginventoryD)80%ofStechno'sincomeplus80%oftheunrealizedprofitinPhast'sendinginventoryAnswer:CObjective:LO1Difficulty

5、:Moderate3)Assumethereareroutineinventorysalesbetweenparentcompaniesandsubsidiaries.Whenpreparingtheconsolidatedfinancialstatements,whichofthefollowinglineitemsisindifferenttothesalesbeingeitherupstreamordownstream?A)ConsolidatedretainedearningsB)ConsolidatedgrossprofitC)Noncontrollinginterestsh

6、areD)ControllinginterestshareofconsolidatednetincomeAnswer:BObjective:LO1Difficulty:Easy4)A(n)________saleisasalebyaparentcompanytoasubsidiary.A(n)________saleisasalebyasubsidiarytoaparentcompany.A)deferred;realized.B)realized;deferred.C)upstream;downstreamD)downstream;upstreamAnswer:DObjective:

7、LO2Difficulty:EasyUsethefollowinginformationtoanswerthequestion(s)below.PaggleCorporationowns80%ofSpillwayInc.'scommonstockthatwaspurchasedatitsunderlyingbookvalue.Atthetimeofpurchase,thebookvalueandfairvalueofSpillway'sneta