Acc 401 Final Exam

Course | Adv Accounting I |

Test | Final Exam Part 1 |

Started | 9/13/14 9:55 PM |

Submitted | 9/13/14 11:10 PM |

Status | Completed |

Attempt Score | 232 out of 240 points   |

Time Elapsed | 1 hour, 15 minutes out of 2 hours. |

Instructions | This exam consist of 30 multiple choice questions and covers the material in Chapters 1 through 8. |

* Question 1

8 out of 8 points

| |

| The defense tactic that involves purchasing shares held by the would-be acquiring company at a price substantially in excess of their fair value is calledAnswer | | | |

| Selected Answer: |   greenmail. |

Correct Answer: |   greenmail. |

| | | |

* Question 2

8 out of 8 points

| |

| When a new corporation is formed to acquire two or more other corporations and the acquired corporations cease to exist as separate legal entities, the result is a statutoryAnswer | | | |

| Selected Answer: |   consolidation. |

Correct Answer: |   consolidation. |

| | | |

* Question 3

8 out of 8 points

| |

| The view that consolidated financial statements represent those of a single economic entity with several classes of stockholder interest is consistent with theAnswer | | | |

| Selected Answer: |   economic unit concept. |

Correct Answer: |   economic unit concept. |

| | | |

* Question 4

8 out of 8 points

| |

| Estimated goodwill is determined by computing the present value of theAnswer | | | |

| Selected Answer: |   excess earnings. |

Correct Answer: |   excess earnings. |

| | | |

* Question 5

8 out of 8 points

| |

| In a leveraged buyout, the portion of the net assets of the new corporation provided by the management group is recorded atAnswer | | | |

| Selected Answer: |   book value. |

Correct Answer: |   book value. |

| | | |

* Question 6

8 out of 8 points

| |

| In a period in which an impairment loss occurs, SFAS No. 142 requires each of the following...