Reference no: EM13746349
1) When the fair value of the assets acquired in a business purchase exceed the purchase price, a bargain purchase arises. When this happens, GAAP requires that the difference be allocated:
a) To a gain account b) to all periods beneficiated on an equitable basis c) to reduce proportionately the values assigned to certain noncurrent assets d)to reduce proportionately the values assigned to both current and noncurrent assets.
2) The amortization of goodwill:
a) is dependent upon the number of years a company expects to use the benefits it provides.
b) does not happen as it is deem to have an indefinitive life.
c) represents as acceptable an accounting practice as does the immediate write-off method.
d) should be computed using the staright-line method unless another method is deemed more appropriate.
3) One factor that is not considered in determining the useful life of an intangible asset is:
a) legal life b)expected actions of competitors c)salvage value d)provisions for renewal or extensions
|
Assume straight-line depreciation
: Machinery purchased for $ 60,000 by Tom Brady Co. in 2010 was originally estimated to have a life of 8 years with a salvage value of $ 4,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2015, it is determined t..
|
|
After her employer transferred her to another town
: After her employer transferred her to another town, Rosemary put her house up for sale. After two years of Internet listings, open houses, repairs, and price cuts, a buyer finally came along. By this time, the house had sat empty for 25 months before..
|
|
Describe the eastern religion
: Describe the Eastern Religion (Hinduism, Buddhism, Confucianism and Daoism) Elements-Countries of origin, Historical figures and events, Central beliefs, Nature of God, Texts, Ritual and.
|
|
How much work does the gravitational force do
: (a)Calculate the altitude ( height above the Earth's surface) of a satellite which is in geosynchronous orbit around the earth's equator ( this means that it orbits the Earth once per day , thereby always staying above the same location on the surfac..
|
|
Assets acquired in business purchase exceed purchase price
: When the fair value of the assets acquired in a business purchase exceed the purchase price, a bargain purchase arises. When this happens, GAAP requires that the difference be allocated:
|
|
Bank account as a control device helps to protect cash
: The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations.
|
|
Write a discussion paper about path to the atomic bomb
: Write a discussion paper about path to the atomic bomb.
|
|
Internal controls are required to safeguard assets
: Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the seven internal control procedures (10 points) and (2) provide examples of how your two selected intern..
|
|
Accrual accounting principles are applied
: Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,200 per month. Develop the adjusting entry at the end of the first month that rent should be ..
|