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    Accounting For Business Combination - Quiz 2

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    This document contains a 25 question quiz about accounting for business combinations. The questions cover topics such as goodwill, types of business combinations, accounting for acquisitions, statutory mergers, and calculating amounts for assets, liabilities, equity accounts in a business combination accounted for as an acquisition.

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    Accounting For Business Combination - Quiz 2

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    486 views1 page
    This document contains a 25 question quiz about accounting for business combinations. The questions cover topics such as goodwill, types of business combinations, accounting for acquisitions, statutory mergers, and calculating amounts for assets, liabilities, equity accounts in a business combination accounted for as an acquisition.

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    Accounting for Business Combination- Quiz 2

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    This document contains a 25 question quiz about accounting for business combinations. The questions cover topics such as goodwill, types of business combinations, accounting for acquisitions, statutory mergers, and calculating amounts for assets, liabilities, equity accounts in a business combination accounted for as an acquisition.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    486 views1 page

    Accounting For Business Combination - Quiz 2

    Uploaded by

    Hey Buddy
    This document contains a 25 question quiz about accounting for business combinations. The questions cover topics such as goodwill, types of business combinations, accounting for acquisitions, statutory mergers, and calculating amounts for assets, liabilities, equity accounts in a business combination accounted for as an acquisition.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    ACCOUNTING FOR BUSINESS COMBINATION- QUIZ 2

    1. Which of the following observations concerning “goodwill” is not correct?


    Once written down
    2. Which of type of business combination typically occurs when management is attempting to monopolize a
    particular industry?
    Horizontal Combination
    3. Following the completion of a business combination in the form of a statutory consolidation.
    The acquirer RE account balance
    4. Which of the following observations is (are) consistent with the acquisition methods of accounting?
    I. Expenses related to the business
    II. Stock issue costs
    I and II
    5. A statutory consolidation is a type of business combination in which:
    Each of the combining companies
    6. In a Business combination accounted for as an acquisition, how should the excess of fair value.
    Recorded as an ordinary gain
    7. Which of the following situations best describes a business combination to be accounted for a statutory merger?
    Only one of the combining companies
    8. Polka issues a common stock to acquire all the assets.
    Have no effect on asset values.
    9. Tres corp. concluded that the fair value of Singko company.
    5,000
    10. Blue George company purchased the net assets: (goodwill on jan. 1,2021)
    284,000
    11. Blue George company purchased the net assets: (based on an improvement info,goodwill on Aug. 1,2021)
    270,000
    12. Blue George company purchased the net assets: (continuing...; the date of settlement of the contingent)
    A 5,000 debit to loss
    13. Assuming the combination is accounted for as an acquisition: (amount recorded for goodwill)
    55
    14. Assuming the combination is accounted for as an acquisition: (amount recorded for inventory)
    960
    15. Assuming the combination is accounted for as an acquisition: (amount recorded for building-net)
    1,480
    16. Assuming the combination is accounted for as an acquisition: (amount recorded for long term liability)
    1,440
    17. Assuming the combination is accounted for as an acquisition: (amount recorded for common stock)
    1,400
    18. Assuming the combination is accounted for as an acquisition: (amount recorded for retained earnings)
    1,065
    19. Assuming the combination is accounted for as an acquisition: (amount recorded for additional paid-in-capital)
    150
    20. Assuming the combination is accounted for as an acquisition: (amount recorded for cash)
    555
    21. What number of shares did Zyxel issue for this acquisition?
    30,000
    22. At what price was Zyxel stock trading when stock was issued for this acquisition?
    8.00
    23. What was the fair value of the net assets held by Globe Tattoo at the date of combination?
    227,000
    24. What amount of Goodwill will be reported by the combined entity immediately following the combination?
    13,000
    25. What balance in retained earnings will the combined entity report immediately following the combination?
    105,000

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