Advanced Corporate Accounting solved MCQs
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1. _______________ are the financial statements of a group of companies.
2. ___________ establishes principles for presenting and preparingconsolidated financial statements when an entity controls one or more other entities.
3. A _________ includes the income and expenses of a subsidiary in theconsolidated financial statements from the date it gains control until the date when the reporting entity ceases to control the subsidiary.
4. ______________ is an asset representing the future economic benefitsarising from other assets acquired in a business combination that are not individually identified and separately recognized.
5. ___________ transactions are transactions between entities within a groupof entities and that group is consolidated into one set of Consolidated Financial Statements.
6. The _____________ account appear in the Balance Sheet of the Holdingcompany at the time of consolidation.
7. __________ is the corporate management term for the act of reorganizingthe legal, ownership, operational or other structures of a company for the purpose of making it more profitable or better organized for its present needs.
8. A merger is defined as the joining of two or more companies to form asingle legal entity.
9. All business combinations must be treated as _________ for accountingpurposes.
10. In external reconstruction, the liquidated company is called______________________.
11. The tax effect on the timing differences is termed as ___________________.
12. The objective of ________________is to prescribe, for lessees and lessors,the appropriate accounting policies and disclosures to apply in relation to finance and operating leases.
13. In finance lease agreement, the option for the lessee to purchase theproperty or equipment at a specific price is known as __________________________.
14. ________________ provides information to the management regardinghuman resource cost and value.
15. ______________________is the assistance of finance professionals to settledisputes concerning allegations, fraudulence, suspicion of fraud and misconduct in business.
16. ____________ aims to measure and inform the general public about thesocial welfare activities undertaken by the enterprise and their effects on the society
17. ________________ also called green accounting.
18. ______________manages business finances effectively, make the rightdecisions and maximize your profits.
19. _____________ refers to the process of adjusting the financial statements ofa company to show the real financial position of the company during the inflationary period.
20. Increase in the price of various goods and services over a period of time isknown as ___________________
21. During inflation the purchasing power of money ___________________.
22. Price for changes accounting can be done by the followingmethod__________________.
23. _________________Accounting deals with employees and management inan organization.
24. Forensic Accounting is very much useful to _____________ industry.
25. A branch of accounting which decodes the human nature to hide failures,conceal problems, defend wrong decisions, and cover up mistakes is known as___________________.
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