Conso-Chapter 2

Conso-Chapter 2

University

20 Qs

quiz-placeholder

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Conso-Chapter 2

Conso-Chapter 2

Assessment

Quiz

World Languages

University

Practice Problem

Hard

Created by

Melissa Tah

Used 3+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The primary factor used to distinguish between non-strategic and strategic investments is the ______________________________.

potential financial gain or loss on an investment
the level of influence over the strategic decisions of the investee company.
initial monetary outlay required to acquire the investment
duration an investor retains ownership of the investment

2.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

IFRS 9 deals with two types of equity investments:

Fair Value Through Profit or Loss (FVTPL)
Amortized Cost and Historical Cost
Fair Value Through OCI (FVTOCI)
Amortized Cost and Fair Value Through OCI

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the journal entry for dividend received under both FVTPL and FVOCI method?

Dr Cash Cr Investment
Dr Cash Cr Dividend Income

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the journal entry for share of net income under both FVTPL and FVOCI method?

Dr Investment Cr Equity Method Income
Nil

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Under ASPE, how can an investor with significant influence account for an investment?

If shares are actively traded, the cost, equity, or fair value method is allowed.
The cost or equity method is allowed, regardless of market activity.
If shares are not actively traded, the cost method is allowed.
Fair value can be elected, with changes in OCI.

6.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Which of the following are indicators that an investor has significant influence over an investee?

Representation on the board of directors
Participation in policy-making processes
Holding 10% of the voting shares
Interchange of managerial personnel

7.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

According to IFRS 9, which of the following statements are true regarding investments measured at fair value?

Fair Value Through Profit or Loss (FVTPL) investments include those held for short-term trading.
Unrealized gains and losses for FVTOCI investments are reported in net income.
Gains or losses on FVTOCI investments are transferred from OCI to retained earnings when the investment is sold.
Dividends from FVTOCI investments are recognized in net income.

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