2015美国注册会计《财务会计报告》模拟试题(2)

 　1.In a business combination accounted for as a purchase, the appraised values of the identifiable assets acquired exceeded the acquisition price. How should the excess appraised value be reported?

　　a. As a gain, after adjusting the balance sheet, including identifiable intangible assets, to fair value.

　　b. As a reduction of the values assigned to noncurrent assets and an extraordinary gain for any unallocated portion.

　　c. As positive goodwill.

　　d. As negative goodwill.

　　Explanation

　　2.Choice "a" is correct. When a subsidiary is acquired with an acquisition cost that is less than the fair value of the underlying assets, the following steps are required:

　　1. The balance sheet is adjusted to fair value, which creates a negative balance in the acquisition account.

　　2. Identifiable intangible assets are recognized at fair value, which increases the negative balance in the acquisition account.

　　3. The total negative balance in the acquisition account is recorded as a gain.

　　A business combination is accounted for properly as an acquisition. Direct costs of combination, other than registration and issuance costs of equity securities, should be:

　　a. Included in the acquisition cost to be allocated to identifiable assets according to their fair values.

　　b. Capitalized as a deferred charge and amortized.

　　c. Deducted in determining the net income of the combined corporation for the period in which the costs were incurred.

　　d. Deducted directly from the retained earnings of the combined corporation.

　　Explanation

　　Choice "c" is correct. Direct costs are expensed in the period incurred.

　　4.On September 1, Year 1, Phillips, Inc. issued common stock in exchange for 20% of Sago, Inc.\'s outstanding common stock. On July 1, Year 3, Phillips issued common stock for an additional 75% of Sago\'s outstanding common stock. Sago continues in existence as Phillips\' subsidiary. How much of Sago\'s Year 3 net income should be reported as accruing to Phillips?

　　a. 20% of Sago\'s net income to June 30 and 95% of Sago\'s net income from July 1 to December 31.

　　b. 95% of Sago\'s net income.

　　c. 20% of Sago\'s net income to June 30 and all of Sago\'s net income from July 1 to December 31.

　　d. All of Sago\'s net income.

　　Explanation

　　Choice "a" is correct. 20% of Sago\'s net income to June 30 and 95% of Sago\'s net income from July 1 to December 31.

　　Rule: In an acquisition, the net income of a newly acquired subsidiary will only be included in consolidated net income from the date of acquisition. Therefore, only 20% of Sago net income is included in consolidated earnings until June 30 and 95% thereafter.

　　5.Company J acquired all of the outstanding common stock of Company K in exchange for cash. The acquisition price exceeds the fair value of net assets acquired. How should Company J determine the amounts to be reported for the plant and equipment and long-term debt acquired from Company K?

　　Plant and　　 Long-term

　　equipment 　　debt

　　a. Fair value　　K\'s carrying amount

　　b. K\'s carrying amount 　　K\'s carrying amount

　　c. Fair value 　　Fair value

　　d. K\'s carrying amount 　　Fair value

　　Explanation

　　6.Choice "c" is correct. When the acquisition price exceeds the fair value of net assets acquired, assets and liabilities should be presented at fair value.

　　During the current year, Jase Co. incurred research and development costs of $136,000 in its laboratories relating to a patent that was granted on July 1. Costs of registering the patent equaled $34,000. The patent\'s legal life is 17 years, and its estimated economic life is 10 years. In its December 31, balance sheet, what amount should Jase report as patent, net of accumulated amortization under U.S. GAAP?

　　a. $33,000

　　b. $32,300

　　c. $161,500

　　d. $165,000

　　Explanation

　　Choice "b" is correct. Under U.S. GAAP, the research and development costs should be expensed. The patent will be capitalized and amortized over 10 years (the lesser of legal life or economic life). Current year amortization equals $1,700 ($34,000/10 x 6/12). The patent balance at year-end is $32,300 ($34,000 - $1,700).

　　Choice "a" is incorrect. The amortization should be calculated based on the lesser of legal life or economic life.

　　Choice "c" is incorrect. The research and development costs should not be capitalized as part of the cost of the patent.

　　Choice "d" is incorrect. The research and development costs should not be capitalized as part of the cost of the patent.