03) Which of the following journal entry formats is appropriate under the equity method of accounting to record the parent company's share of a subsidiary's dividend declaration? 1. 11. Intercompany Dividends Receivables Investment in Subsidiary Common Stock Cash Intercompany Dividend Revenue Intercompany Dividends Receivable intercompany Dividends Revenue XXX WV
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- Which of the following items is not presented under the equity section of the statement of financial position? Share options outstanding Share warrants outstanding Share appreciation rights payable Share dividend payable/distributableWhich of the following statements is correct regarding working paper entries to facilitate the preparation of the consolidated financial statements? * A. Debit Non-controlling Interest in Net Assets in the working paper to assign to the non-controlling stockholders their share in the gain on bargain purchase. b. Debit Share Premium relating to issuance of stocks in the working paper to record the cost of SEC registration and listing fees. c. Credit Investment in Subsidiary Company Stock in the working paper to record the purchase of outstanding shares from subsidiary company. d. Credit Equipment in the working paper to adjust a fair value differential of an overvalued equipment.How would the share dividends distributable account balance be presented on the statement of financial position? * a. as part of current liabilities b. as addition to share capital c. as addition to retained earnings d. as addition to additional paid in capital
- 1. Shares issued in connection with business combination are recorded at: A discount A premium Fair value Par value 2. Indirect costs related to acquisition of another entity is treated as An expense An investment account Share capital Share premium 3. The cost of registering equity securities in a business combination should be capitalized debited to share premium expensedQ1 According to IAS 28, Investments in Associates and Joint Ventures, an investment classified as a joint venture should be equity accounted in the consolidated financial statements of the investor company. Which statement below can be used to describe the Equity accounting method? Select one: a. It is an accounting method whereby an investment is initially recorded at cost and is subsequently adjusted for post-acquisition changes in the investor’s share of the net assets of the investee. b. It is an accounting method whereby an investment is initially recorded at cost and is subsequently adjusted for amortization over an agreed period of time. c. It is an accounting method whereby an investment is initially recorded at fair value and is subsequently adjusted for post-acquisition changes in the investor’s share of the net assets of the investee. d. It is an accounting method whereby an investment is initially recorded at fair value and is subsequently adjusted for amortization over…Which of the following is not normally found in the total equity section of a company's statement of financial position? A. Retained earnings B. Ordinary share capital C. Dividends payable to the ordinary shareholders D. Share premium
- Which statement is incorrect? * A. EPS disclosures are required for entities whose ordinary shares are publicly traded as well as entities that are in the process of issuing ordinary shares in the public market. B. When an entity issues both consolidated ad separate financial statements, the EPS information is required for the consolidated financial statements only. C. In computing basic EPS, the amount of preference dividends on noncumulative preference shares for the period should be deducted from net income whether declared or not D. In computing the weighted average of shares outstanding, when a share dividend or share split occurs, the additional shares are considered outstanding at the beginning of the earliest year reported. E. none of the aboverdinary share capitalOrdinary share capitalWhich of the following items would not form part of the shareholders' equity of a company on the statement of financial position? Select one: a. Retained profits b. Trade payables c. Share premium d. Ordinary share capitalWhich statement is incorrect? a. PAS 33 is required to be used by companies whose shares and potential shares are publicly traded. b. When an undertaking presents both consolidated and separate financial statements, the disclosures required by PAS 33 need be presented only for the consolidated information c. Basic EPS amounts uses the profit attributable to ordinary equity holders of the parent undertaking. d. Basic EPS shall be calculated by dividing the numerator by the weighted-average number of ordinary shares during the period e. none of the above
- The following independent statements may be true or false. Discuss the circumstances whereby the statement is true and the circumstances whereby it is false. Dividends declared by a Group (which is shown as an appropriation in the Consolidated Statement of Changes in Equity) comprises dividends declared by the Parent and dividends declared by a Subsidiary to its Non-controlling Interests.In consolidated financial statements, it is expected that: A. Retained earnings equals to the sum of controlling interest separate retained earnings and non-controlling interest separate retained earnings. B. Ordinary share equals to the sum of parent’s ordinary share and subsidiary’s ordinary share. C. Net income equals to the sum of the income distributed to the controlling interest and distributed to non-controlling interest. D. Dividends declared equals the sum of the total parent company’s declared dividends and the total subsidiary’s declared dividends.Which statement is incorrect? * a. PAS 33 is required to be used by companies whose shares and potential shares are publicly traded. b. When an undertaking presents both consolidated and separate financial statements, the disclosures required by PAS 33 need be presented only for the consolidated information c. Basic EPS amounts uses the profit attributable to ordinary equity holders of the parent undertaking. d. Basic EPS shall be calculated by dividing the numerator by the weighted-average number of ordinary shares during the period none of the above
