By Floyd A. Beams
An in-depth consultant to accounting that displays the main updated enterprise developments.This finished textbook addresses functional monetary reporting difficulties whereas reflecting fresh company advancements and adjustments in accounting standards.This version has been rewritten to align with the monetary Accounting criteria Board Accounting criteria Codification.
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Released every year, this article is a part of the four-volume learn consultant for the qualified Public Accountant's (CPA) examination, and offers distinct outlines and difficulties and options, every one packaged based on the exam half. the various questions are taken from the former checks and supply the data had to move the Uniform CPA exam.
Libby/Libby/Short wrote this article in accordance with their trust that the topic of monetary accounting is inherently attention-grabbing, yet monetary accounting textbooks are usually no longer. they think most money accounting textbooks fail to illustrate that accounting is an exhilarating box of research and one who is critical to destiny careers in enterprise.
AARP electronic versions provide you with sensible suggestions, confirmed strategies, and professional tips.
An intermediate accounting textual content which frames the monetary reporting functionality of accounting within the context of the decision-support function it serves. It comprises actual international examples and numerous sorts of circumstances corresponding to monetary reporting, examine and net situations from an international perspective.
About the Author
David Spiceland is professor of accounting on the college of Memphis, the place he teaches intermediate accounting and different monetary accounting classes on the undergraduate and master's degrees. He got his BS measure in finance from the college of Tennessee, his MBA from Southern Illinois college, and his PhD in accounting from the college of Arkansas.
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Additional info for Advanced Accounting, 11th Edition
A Patents developed by Dart because the costs were expensed under GAAP b Dart’s mortgage payable because it is fully secured by land that has a market value far in excess of the mortgage c An asset or liability amount for over- or underfunding of Dart’s defined-benefit pension plan d None of the above E 1-2 [Based on AICPA] General problems 1. Pat Corporation paid $100,000 cash for the net assets of Sag Company, which consisted of the following: Current assets Plant and equipment Liabilities assumed Book Value Fair Value $ 40,000 160,000 (40,000) $160,000 $ 56,000 220,000 (36,000) $240,000 Assume Sag Company is dissolved.
In this case, we allocate the balance recorded in the Investment in Son account by means of an entry on Pop’s books. Such an entry might appear as follows: Receivables (+A) Inventories (+A) Plant assets (+A) Goodwill (+A) Accounts payable (+L) Notes payable (+L) Investment in Son (-A) To record allocation of the $1,600,000 cost of acquiring Son Corporation to identifiable net assets according to their fair values and to goodwill. XXX XXX XXX XXX XXX XXX 1,600 If we dissolve Son Corporation, we formally retire the Son Corporation shares.
4] The acquisition method follows the same GAAP for recording a business combination as we follow in recording the purchase of other assets and the incurrence of liabilities. We record the combination using the fair value principle. In other words, we measure the cost to the purchasing entity of acquiring another company in a business combination by the amount of cash disbursed or by the fair value of other assets distributed or securities issued. We expense the direct costs of a business combination (such as accounting, legal, consulting, and finders’ fees) other than those for the registration or issuance of equity securities.
Advanced Accounting, 11th Edition by Floyd A. Beams
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