Multiple Choice
Which of the following is not true about goodwill?
A) Goodwill reflects the value of knowledgeable employees.
B) Goodwill reflects the value of a reputation for quality products.
C) Under U.S.GAAP, goodwill has an indefinite life, and firms do not amortize the amount recognized as goodwill.
D) Firms must test goodwill annually for a loss in value.
E) Under IFRS, goodwill has an indefinite life, and firms amortize the amount recognized as goodwill.
Correct Answer:
Verified
Correct Answer:
Verified
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