Organize these procedures of preparing the consolidated financial statements:
ACT4143_Class

Quiz
•
Social Studies
•
8th Grade
•
Hard
NORAKMA ABD MAJID
Used 3+ times
FREE Resource
15 questions
Show all answers
1.
REORDER QUESTION
5 mins • 2 pts
Eliminate the COI and Recognize Goodwill
Adjust Fair Value of Assets at Acquisition Date
Calculate Cost of Investment (COI)
Allocate Non-controlling Interest, Profit, and OCI
Prepare Consolidated Financial Statements
2.
MULTIPLE CHOICE QUESTION
5 mins • 2 pts
Which of the following is eliminated during the consolidation process?
Non-controlling interest
Intercompany transactions
Parent company’s equity
Goodwill
3.
MULTIPLE CHOICE QUESTION
5 mins • 2 pts
During consolidation, how are intercompany transactions typically treated?
They are fully recognized
They are eliminated
They are disclosed in notes
They are taxed separately
4.
DRAG AND DROP QUESTION
5 mins • 2 pts
ParentCo, (a) pays a certain amount to buy shares in SubCo, (b) . This is the cost of the investment which is amounted to (c) .
5.
DROPDOWN QUESTION
5 mins • 2 pts
(a) owns freehold land and its been revalued to their current market values, (b) at the acquisition date. By referring to note (i) , the value of freehold land at 31 Dec. 2023 is valued at (c) . At the beginning of the current year, the value of land is stated at (d)
6.
MATCH QUESTION
5 mins • 2 pts
The net assets of subsidiary's at the date of acquisition
RM2,000,000
Retained earnings
RM14,000,000
Ordinary share
RM2,000,000
Revaluation reserves
RM10,000,000
Net assets at DOA
7.
FILL IN THE BLANK QUESTION
5 mins • 2 pts
Goodwill on consolidation
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