Modern Advanced Accounting in Canada Canadian 8th Edition Hilton Test Bank

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Product details:

• ISBN-10 ‏ : ‎ 1259087557
• ISBN-13 ‏ : ‎ 978-1259087554
• Author: Darrell Herauf; Murray Hilton

Hilton/Herauf Modern Advanced Accounting In Canada is recognized as the most current and technically accurate advanced accounting text on the market today. This reputation has been not only maintained but also improved upon in the new edition. The 8^th edition is 100% compliant with International Financial Reporting Standards (IFRSs), with regard to the typical advanced accounting topics of business combinations and foreign currency transactions, as well as for the topics studied in intermediate accounting and other courses. It also contains the reporting requirements for private enterprises and not-for-profit organizations. All of the extracts from financial statements are taken from Canadian entities.

Table Of Contents:

1 Introduction to Business Combinations and the Conceptual Framework 1

Learning Objectives 1

1.1 Growth Through Mergers 1

1.2 Nature of The Combination 4

1.3 Business Combinations: Why? Why Not? 5

1.4 Business Combinations: Historical Perspective 8

1.5 Terminology and Types of Combinations 11

1.6 Takeover Premiums 13

1.7 Avoiding the Pitfalls Before (and After) the Deal 15

1.8 Determining Price and Method of Payment in Business Combinations 17

1.9 Alternative Concepts of Consolidated Financial Statements 21

1.10 FASB’S Conceptual Framework 26

Summary 32

Questions 33

Analyzing Financial Statements 33

Exercises 36

ASC Exercises 38

2 Accounting for Business Combinations 39

Learning Objectives 39

2.1 Accounting Standards on Business Combinations: Current Status and Background 39

2.2 Illustration of Acquisition Accounting 45

2.3 Bargain Purchase Accounting Illustration (Purchase Price Below Fair Value of Identifiable Net Assets) 49

2.4 Measurement Period and Measurement Period Adjustments 50

2.5 Goodwill Impairment Test 51

2.6 Contingent Consideration (Earnouts) 56

2.7 Pro Forma Statements and Disclosure Requirement 61

2.8 Leveraged Buyouts 63

Summary 63

Questions 65

Analyzing Financial Statements 65

Exercises 70

Problems 77

3 Consolidated Financial Statements—Date of Acquisition 82

Learning Objectives 82

3.1 Definitions of Subsidiary and Control 84

3.2 Requirements for the Inclusion of Subsidiaries in the Consolidated Financial Statements 87

3.3 Reasons for Subsidiary Companies 88

3.4 Consolidated Financial Statements 89

3.5 Investments at the Date of Acquisition 90

3.6 Consolidated Balance Sheets: The Use of Workpapers 92

3.7 A Comprehensive Illustration—More ThanOne Subsidiary Company 109

3.8 Limitations of Consolidated Statements 112

Summary 113

Questions 114

Analyzing Financial Statements 115

Exercises 116

Problems 121

4 Consolidated Financial Statements After Acquisition 127

Learning Objectives 127

4.1 Accounting for Investments by the Cost, Partial Equity, and Complete Equity Methods 128

4.2 Consolidated Statements After Acquisition—Cost Method 137

4.3 Recording Investments in Subsidiaries—Equity Method (Partial or Complete) 149

4.4 Elimination of Intercompany Revenue and Expense Items 160

4.5 Interim Acquisitions of Subsidiary Stock 161

4.6 Consolidated Statement of Cash Flows 167

4.7 Illustration of Preparation of a Consolidated Statement of Cash Flows—Year of Acquisition 171

Summary 174

Questions 175

Analyzing Financial Statements 176

Exercises 178

Problems 184

5 Allocation and Depreciation of Differences Between Implied And Book Values 198

Learning Objectives 198

5.1 Computation and Allocation of the Difference Between Implied and Book Values to Assets and Liabilities of Subsidiary—Acquisition Date 201

5.2 Effect of Differences Between Implied and Book Values on Consolidated Net Income—Year Subsequent to Acquisition 207

5.3 Consolidated Statements Workpaper—Using the Cost Method 209

5.4 Controlling and Noncontrolling Interests in Consolidated Net Income and Retained Earnings—Using the Cost Method 221

5.5 Consolidated Statements Workpaper—Using Partial Equity Method 223

5.6 Controlling and Noncontrolling Interests in Consolidated Net Income and Retained

Earnings—Using Partial Equity Method 230

5.7 Consolidated Statements Workpaper—Using Complete Equity Method 232

5.8 Controlling Interest in Consolidated Net Income and Retained Earnings—Using Complete Equity Method 240

5.9 Additional Considerations Relating to Treatment of Difference Between Implied and Book Values 241

5.10 Push Down Accounting 250

Summary 255

Questions 256

Analyzing Financial Statements 257

Exercises 259

Problems 265

6 Elimination of Unrealized Profit on Intercompany Sales of Inventory 286

Learning Objectives 286

6.1 Effects of Intercompany Sales of Merchandise on the Determination of Consolidated Balances 287

6.2 Cost Method: Consolidated Statements Workpaper—Upstream Sales 297

6.3 Cost Method—Analysis of Consolidated

Net Income and Consolidated Retained Earnings 302

6.4 Consolidated Statements Workpaper—Partial Equity Method 305

6.5 Partial Equity Method—Analysis of Consolidated Net Income and Consolidated Retained Earnings 310

6.6 Consolidated Statements Workpaper—Complete Equity Method 311

6.7 Complete Equity Method—Analysis of Consolidated Net Income and Consolidated

Retained Earnings 316

6.8 Summary of Workpaper Entries Relating to Intercompany Sales of Inventory 317

6.9 Intercompany Profit Prior to Parent-Subsidiary Affiliation 317

Summary 318

Questions 319

Analyzing Financial Statements 319

Exercises 321

Problems 324

7 Elimination of Unrealized Gains Or Losses on Intercompany Sales of Property and Equipment 337

Learning Objectives 337

7.1 Intercompany Sales of Land (Nondepreciable Property) 338

7.2 Intercompany Sales of Depreciable Property (Machinery, Equipment, and Buildings) 341

7.3 Consolidated Statements Workpaper—Cost and Partial Equity Methods 348

7.4 Calculation of Consolidated Net Income and Consolidated Retained Earnings 358

7.5 Consolidated Statements Workpaper—Complete Equity Method 361

7.6 Calculation and Allocation of Consolidated Net Income; Consolidated Retained Earnings:

Complete Equity Method 367

7.7 Summary of Workpaper Entries Relating to Intercompany Sales of Equipment 368

7.8 Intercompany Interest, Rents, and Service Fees 368

Summary 371

Questions 372

Analyzing Financial Statements 373

Exercises 373

Problems 376

8 Changes in Ownership Interest 388

Learning Objectives 388

8.1 Changes in Ownership 388

8.2 Parent Acquires Subsidiary Stock Through Several Open-Market Purchases—Cost Method 391

8.3 Parent Sells Subsidiary Stock Investment on the Open Market—Cost Method 394

8.4 Equity Method—Purchases and Sales of Subsidiary Stock by the Parent 398

8.5 Parent Sells Subsidiary Stock Investment on the Open Market 403

8.6 Subsidiary Issues Stock 405

Summary 411

Questions 412

Analyzing Financial Statements 412

Exercises 413

Problems 416

9 Insolvency—Liquidation And Reorganization 426

Learning Objectives 426

9.1 Contractual Agreements 428

9.2 Bankruptcy 430

9.3 Liquidation (Chapter 7) 434

9.4 Reorganization Under the Reform Act (chapter 11) 435

9.5 Trustee Accounting and Reporting 447

9.6 Bankruptcy Prediction Models 453

Summary 456

Questions 457

Analyzing Financial Statements 458

Exercises 460

Problems 466

10 International Financial Reporting Standards 473

Learning Objectives 473

10.1 The Increasing Importance of International Accounting Standards 473

10.2 Historical Perspective 475

10.3 GAAP Hierarchy—U.S. Versus IFRS 477

10.4 Similarities and Differences Between U.S. GAAP and IFRS 478

10.5 Business Combination and Consolidation—U.S. GAAP Versus IFRS 488

10.6 International Convergence Issues 507

Summary 512

Questions 512

Analyzing Financial Statements 513

Exercises 516

Problems 519

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