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COAC318 Corporate Accounting
Questions:
Examinable Topics
This examination will cover topics from Week 1 to Week 12, as follows:
- Accounting for Share Issue
- Leases
- Company Income Tax -CTL and Deferred Tax
- Fair value measurement
- Impairment of assets
- Business Combination
- Consolidation (controlled entities and wholly owned Subsidiaries)
- Consolidation (Intra-group transactions)
- Consolidation – Non-controlling Interests
- Cash flow required Disclosures (Notes) – Reconciliation of profit to operating cash flows
- Associates and Joint Ventures
Examples:
MCQ
Which of the following is the criterion for identifying when a parent-subsidiary relationship exists?
- Significant influence.
- Voting rights.
In May 2021, a parent sold inventories to a subsidiary entity for $60 000. The inventories had previously cost the parent entity $40 000. The entire inventory is still held by the subsidiary at reporting date, 30 June 2021. Ignoring tax effects, which of the following is the adjustment entry in the consolidation worksheet at reporting date
Questions are not of equal value. Marks are indicated to each question. In this section examinable calculative and analytical questions will be from the following areas
- Impairment Loss
- Business combination
- Consolidation – Wholly owned Subsidiaries
- Consolidation – Intragroup Transactions
- Consolidation – NCI
- Disclosure requirement Statement of cash flows – reconciliation from profit to cash flows from operating activities
Go through all lectures, tutorials, and other examples from the above areas. Please note you must answer the questions in this section on the template provided in each question.
For Example, topic on Consolidation – wholly owned subsidiary – the following exercises are worked out in-class and the solution of assigned HW questions in that week. (Please note that you need to go through all worked and other activities during the semester on the above areas – remember, these are not exhaustive).
- Exercise (Consolidation -wholly owned subsidiaries – In-Lecture class example)
Robert Ltd acquired all the issued shares (cum div.) of Matt Ltd on 1 July 2018. At this date the financial position of Matt Ltd was as follows
The assets of Matt Ltd did not include a patent that was valued by Robert Ltd at $10 000. Its useful life was considered to be 5 years, with benefits being received equally over that period.The plant was considered to have a further 10-year life and is depreciated on a straight-line basis.
In exchange for the shares in Matt Ltd, Robert Ltd gave the following consideration:
- 50 000 shares in Robert Ltd, each share having a fair value of $2.00 per share
- cash of $40 000
- artworks having a fair value of $40 000.
Robert Ltd incurred legal and accounting costs of $5000 and share issue costs of $4000. An interim dividend of $12 000 paid on 1 February 2019.The tax rate is 30%.
Required:
- Prepare Acquisition Analysis at 1 July 2018.
- Prepare the consolidation worksheet entries for consolidated financial statements prepared by Robert Ltd at 30 June 2019.
- Consolidation entries (BCVR + pre-acquisition elimination entries)
- Homework Exercise: Consolidation – Wholly Owned Subsidiaries – Prepare acquisition analysis and Consolidation worksheet adjusting entries
Syd Ltd acquired all the issued shares (Cum-div.) of Mel Ltd on 1 July 2020. At this date the financial position of Matt Ltd was as follows
The assets of Mel Ltd did not include a patent that was valued by Robert Ltd at $12 000. Its useful life was considered to be 5 years, with benefits being received equally over that period.
The plant was considered to have a further 10-year life and is depreciated on a straight-line basis.
All the pre-acquisition inventories were not sold by 30 June 2019.
An interim dividend of $10,000 paid by Mel Ltd in September 2020.
Syd Ltd declared a final dividend of $20 000 in June 2020.
In exchange for the shares in Mel Ltd, Syd Ltd gave the following consideration:
- 80 000 shares in Robert Ltd, each share having a fair value of $2.50 per share
- cash of $45 000
- Artwork having a fair value of $35 000.
Robert Ltd incurred legal and accounting costs of $4 500 and share issue costs of $3 000. The tax rate is 30%.
Required:
- Prepare Acquisition Analysis at 1 July 2020.
- Prepare the consolidation worksheet entries for consolidated financial statements prepared by Syd Ltd at 30 June 2021.
- Prepare the acquisition analysis at 1 July 2020 if Syd Ltd acquired the issued share of Mel Ltd on Ex-div basis.
Note:
You are being cautioned again that the questions given above are not the questions sitting in the actual exam paper. These are provided as sample just to convey an idea about the type of questions that might be asked and distribution of marks.
COAC318 Corporate Accounting
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