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Question
In short-answer format(ie.thisdoes not have to be presented in the form of an essayor formal report), and with reference to the relevant accounting standard(s), answerthe following questions:
What is a non-controlling interest, and how is a non-controlling interest disclosed in consolidated financial statements?
If Nat acquires a 60% interest in West, on consolidation which elimination entries should be done at 60% and which should be eliminated at 100% (if any)?Why? In the consolidated financial statements of the group will the assets and liabilities of West be shown at 60% or 100%? Why?
In what circumstances would anentity consolidate the financial statements of an entity in which it owned no shares?
Explain in your own words, using a diagram if you wish, the concept of an indirect non-controlling interest.Does the existence of an indirect non-controlling interest have any impact on the adjustments for intra-group transactions?Why or why not?
net profit margins and working capital to sales ratios stay constant." What pattern of return on equity is implied by these assumptions? Is this reasonable?
Discuss how Prime's net income could decline between Year 6 and Year 8 while its cash flow from operations increased and discuss how Prime's net income could increase between Year 8 and Year 10 while its cash flow from operations decreased.
Purpose general journal entries to record the above transactions.
Explain tests that you would perform to test the correctness of pricing of raw materials, work in progress, and finished goods. Determine the amount of projected population misstatement based on your sample.
Prepare a reconciliation schedule to reconcile 2011 net income and December 31, 2011 stockholders 2019 equity from a U.S. GAAP basis to IFRS. Ignore income taxes. Prepare a note to explain each adjustment made in the reconciliation schedule.
Calculate the past service costs included in 2012 net pension expense (or revenue) under IAS 19. Compute the past service costs included in 2012 net pension expense (or revenue) under U.S GAAP.
Prepare an acquisition analysis and the consolidation journal entries necessary to prepare consolidated accounts for the year ending 30 June 20x4 for the group comprising Tien Ltd and Chai Ltd.
Explain how technology has influenced price-setting practices and explain the role of the management accountant in ensuring that optimal price setting strategies are implemented.
What are the disadvantages of AVCO method and which of them is better, FIFO or AVCO and, if there is any odd results, could you explain why?
You are given information about Doha Company which is a service company located in Qatar. You are expected to analyze, record and communicate that information by using Microsoft Excel.
How would using the sum-of-the-years'-digits method of depreciation instead of the double-declining-balance method of depreciation affect a gain or loss on the sale of the plant asset?
Prepare a schedule showing a vertical analysis for 2009 and 2008 and Prepare horizontal analysis.
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