Advanced Financial Accounting
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The Tenth Edition of Advanced Financial Accounting is an up-to-date, comprehensive, and highly illustrated presentation of the accounting and reporting principles and procedures used in a variety of business entities. This edition continues to provide strong coverage of advanced accounting topics, with clarity of presentation and integrated coverage based on continuous case examples. The text is highly illustrated with complete presentations of worksheets, schedules, and financial statements so that students can see the development of each topic. Inclusion of all recent FASB and GASB pronouncements and the continuing deliberations of the authoritative bodies provide a current and contemporary text for students preparing for the CPA Examination and current practice. This has become especially important given the recent rapid pace of the authoritative bodies in dealing with major issues having far-reaching The book's building block approach introduces concepts with simple examples and then gradually introduces complexity, allowing students to easily keep pace with the material.
The key strengths of this text are the clear and readable discussions of concepts and the detailed demonstrations of concepts through illustrations and explanations. The many favorable responses to prior editions from both students and instructors confirm our belief that clear presentation and comprehensive illustrations are essential to learning the sophisticated topics in an advanced accounting course.
to consolidation are sometimes found. Two large and familiar U.S. corporations are Union Pacific and Exxon Mobil. Required a. Many large companies have tens or even hundreds of subsidiaries. List the significant subsidiaries of Union Pacific Corporation. b. Exxon Mobil Corporation is a major energy company. Does Exxon Mobil consolidate all of its majority-owned subsidiaries? Explain. Does Exxon Mobil consolidate any entities in which it does not hold majority ownership? Explain. What methods
Vane. Consolidation used for both Sell and Vane. Equity method used for Sell and consolidation used for Vane. Equity method used for both Sell and Vane. 4. Which of the following is the best theoretical justification for consolidated financial statements? a. b. c. d. LO 3-7 E3-2 In form, the companies are one entity; in substance, they are separate. In form, the companies are separate; in substance, they are one entity. In form and substance, the companies are one entity. In form and
Corporation Book Value Fair Value Book Value Fair Value Cash Other Assets $200,000 400,000 $200,000 400,000 $ 50,000 120,000 $ 50,000 120,000 Total Debits $600,000 Current Liabilities Common Stock Retained Earnings $100,000 300,000 200,000 Total Credits $600,000 $170,000 100,000 $ 80,000 50,000 40,000 80,000 $170,000 12/28/12 4:05 AM Confirming Pages 136 Chapter 3 The Reporting Entity and the Consolidation of Less-than-Wholly-Owned Subsidiaries with No Differential
Amortization of the differential associated with depreciable or amortizable assets of the investee is necessary on the investor’s books to reflect the decline in the future benefits the investor expects from that portion of the investment cost associated with those assets. The investee recognizes the reduction in service potential of assets with limited lives as depreciation or amortization expense based on the amount it has invested in those assets. This reduction, in turn, is recognized by the
FINANCIAL ACCOUNTING, TENTH EDITION Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. Printed in the United States of America. Previous editions © 2011, 2009, and 2008. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The