Instant download Modern Advanced Accounting in Canada Canadian 8th Edition Hilton Test Bank pdf docx epub after payment.
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 8th 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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