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What major problem of accounting for purchased goodwill is

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Reference no: EM132785507

Question 1: The major problem of accounting for purchased goodwill is

A. determining the fair value of identifiable intangible assets acquired in a business combination.

B. distinguishing it from internally generated goodwill.

C. estimating the useful life over which to charge amortisation.

D. determining whether it has a finite useful life.

Question 2: An intangible asset shall be recognized if

I. It is probable that future economic benefits attributable to the asset will flow to the entity

II. The cost of the intangible asset can be measured reliably

A. Neither I nor II

B. Both I and II

C. II only

D. I only

Question 3: A patent should be amortised over

A. twenty years.

B. its useful life or twenty years, whichever is longer.

C. its useful life.

D. its useful life or twenty years, whichever is shorter.

Reference no: EM132785507

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