Question 1

According to ASC 805-30,which one of the following items may not be accounted for as an intangible asset apart from goodwill?

Accepted Answer

A) A production backlog 
B) A valuable employee workforce 
C) Noncontractual customer relationships 
D) Employment contracts 
A) A production backlog 
B) A valuable employee workforce 
C) Noncontractual customer relationships 
D) Employment contracts

Question 2

The U.S.Department of Justice and the Federal Trade Commission have primary responsibility for enforcing federal antitrust laws.

Accepted Answer

A) True 
 B)False

Question 3

Pony acquired Spur Corporation's assets and liabilities for $500,000 cash on December 31,2013.Spur dissolved on the date of the acquisition.Spur's balance sheet and related fair values are shown as of that date,below.
     Required: Prepare the journal entry recorded by Pony as a result of this transaction.

Accepted Answer

@#IMG-DLM& *Cash payment is sh

Question 4

The GAAP defines the accounting concept of a business combination as a transaction or other event in which an acquirer obtains control of one or more businesses.

Accepted Answer

A) True 
 B)False

Question 5

Under the current GAAP,Goodwill arising from a business combination is

Accepted Answer

A) charged to Retained Earnings after the acquisition is completed. 
B) amortized over 40 years or its useful life,whichever is longer. 
C) amortized over 40 years or its useful life,whichever is shorter. 
D) never amortized. 
A) charged to Retained Earnings after the acquisition is completed. 
B) amortized over 40 years or its useful life,whichever is longer. 
C) amortized over 40 years or its useful life,whichever is shorter. 
D) never amortized.

Question 6

With respect to goodwill,an impairment

Accepted Answer

A) will be amortized over the remaining useful life. 
B) is a two-step process which first compares book value to fair value at the business reporting unit level. 
C) is a one-step process considering the entire firm. 
D) occurs when asset values are adjusted to fair value in a purchase. 
A) will be amortized over the remaining useful life. 
B) is a two-step process which first compares book value to fair value at the business reporting unit level. 
C) is a one-step process considering the entire firm. 
D) occurs when asset values are adjusted to fair value in a purchase.

According to ASC 805-30,which one of the following items may not be accounted for as an intangible asset apart from goodwill?

The U.S.Department of Justice and the Federal Trade Commission have primary responsibility for enforcing federal antitrust laws.

The GAAP defines the accounting concept of a business combination as a transaction or other event in which an acquirer obtains control of one or more businesses.

Under the current GAAP,Goodwill arising from a business combination is

With respect to goodwill,an impairment

Stock Investments - Investor Accounting and Reporting

An Introduction to Consolidated Financial Statements

Consolidated Techniques and Procedures

Intercompany Profit Transactions - Inventories

Intercompany Profit Transactions - Plant Assets

Intercompany Profit Transactions - Bonds

Consolidations - Changes in Ownership Interests

Indirect and Mutual Holdings

Subsidiary Preferred Stock, consolidated Earnings Per Share, and Consolidated Income Taxation

Consolidation Theories, push-Down Accounting, and Corporate Joint Ventures

Derivatives and Foreign Currency: Concepts and Common Transactions

Accounting for Derivatives and Hedging Activities

Foreign Currency Financial Statements

Segment and Interim Financial Reporting

Partnerships - Formation,operations,and Changes in Ownership Interests

Partnership Liquidation

Corporate Liquidations and Reorganizations

An Introduction to Accounting for State and Local Governmental Units

Accounting for State and Local Governmental Units - Governmental Funds

Accounting for State and Local Governmental Units - Proprietary and Fiduciary Funds

Accounting for Not-For-Profit Organizations

Estates and Trusts

Filters

Exam 1: Business Combinations

According to ASC 805-30,which one of the following items may not be accounted for as an intangible asset apart from goodwill?

The U.S.Department of Justice and the Federal Trade Commission have primary responsibility for enforcing federal antitrust laws.

The GAAP defines the accounting concept of a business combination as a transaction or other event in which an acquirer obtains control of one or more businesses.

Under the current GAAP,Goodwill arising from a business combination is

With respect to goodwill,an impairment

Stock Investments - Investor Accounting and Reporting

An Introduction to Consolidated Financial Statements

Consolidated Techniques and Procedures

Intercompany Profit Transactions - Inventories

Intercompany Profit Transactions - Plant Assets

Intercompany Profit Transactions - Bonds

Consolidations - Changes in Ownership Interests

Indirect and Mutual Holdings

Subsidiary Preferred Stock, consolidated Earnings Per Share, and Consolidated Income Taxation

Consolidation Theories, push-Down Accounting, and Corporate Joint Ventures

Derivatives and Foreign Currency: Concepts and Common Transactions

Accounting for Derivatives and Hedging Activities

Foreign Currency Financial Statements

Segment and Interim Financial Reporting

Partnerships - Formation,operations,and Changes in Ownership Interests

Partnership Liquidation

Corporate Liquidations and Reorganizations

An Introduction to Accounting for State and Local Governmental Units

Accounting for State and Local Governmental Units - Governmental Funds

Accounting for State and Local Governmental Units - Proprietary and Fiduciary Funds

Accounting for Not-For-Profit Organizations

Estates and Trusts

Filters