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8/17/2019
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Course 171036- Accounting For Investments
  Final Exam
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171036v - Accounting For Investments

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Accounting
5 CPE Credit Hours

8/17/2019
Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. The amount by which the fair value of an equity security exceeds its cost should be accounted for in the financial statements when the security is classified as
2. Unrealized holding gains or losses which are recognized in income are from securities classified as
3. Trading securities are recorded in the balance sheet under ______ at _________.
4. Unrealized holding gains or losses which are recognized in income are from securities classified as
5. Nola Co. has a portfolio of marketable equity securities that it does not intend to sell in the near term. How should Nola classify these securities, and how should it report unrealized gains and losses from these securities?
6. A correct valuation is
7. Securities acquired by a corporation which are accounted for by recognizing unrealized holding gains or losses and are included as other comprehensive income and as a separate component of stockholders' equity are
8. At December 31, 2X13, Atlanta Co. has a stock portfolio (of available-for-sales securities) valued at $33,000. Its cost was $40,000. If the valuation allowance has a credit balance of $2,000, which of the following journal entries is required at December 31, 2X13?
9. A requirement for a security to be classified as held-to-maturity is
10. Debt securities that are accounted for at amortized cost, not fair value, are
11. An investor purchased a bond as a long-term investment between interest dates at a premium. At the purchase date, the nominal rate of the bond is
12. Use of the effective-interest method in amortizing bond premiums and discounts results in
13. Equity securities acquired by a corporation which are accounted for by recognizing unrealized holding gains or losses as other comprehensive income and as a separate component of stockholders' equity are
14. Which of the following is correct about the effective-interest method of amortization?
15. An investor purchased a bond classified as a long-term investment between interest dates at a discount. The yield is
16. Watt Co. purchased $300,000 of bonds for $315,000. If Watt intends to hold the securities to maturity, the entry to record the investment includes
17. Valet Corp. began operations in 2X13. An analysis of Valet’s equity securities portfolio acquired in 2X13 shows the following totals at December 31, 2X13 for trading and available-for-sale securities: Trading Securities aggregate cost = $90,000, aggregate fair value = $65,000; Available-for-Sale Securities aggregate cost = $110,000, aggregate fair value = $95,000. What amount should Valet report in its 2X13 income statement for unrealized holding loss?
18. Impairments are
19. The purchase and sale of available-for­-sale, held-to-maturity, and equity method securities are reported in the ______________ section of the statement of cash flows.
20. A reclassification adjustment is reported in the
21. Transfers between categories
22. When an investment in an available-for-sale security is transferred to trading because the company anticipates selling the stock in the near future, the carrying value assigned to the investment upon entering it in the trading portfolio should be
23. All of the following are requirements for disclosures about investments in equity and debt securities except
24. Factors indicating an other-than-temporary impairment of a security's value has taken place do NOT include:
25. Santo Corporation declares and distributes a cash dividend that is a result of current earnings. How will the receipt of those dividends affect the investment account of the investor under each of the following accounting methods?
26. When a company holds between 20% and 50% of the outstanding stock of an investee, which of the following statements applies?
27. Which one of the following is NOT required for footnote disclosure about the equity method?
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