FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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For which of the following does U.S. GAAP permit recognition of recovery of impairment?
Group of answer choices
goodwill
patents held for use
machinery used in operations
none of these
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- 4arrow_forwardAn impairment loss for goodwill is calculated as the difference between ________. Group of answer choices the fair value of the reporting unit (including goodwill) and the book value of the reporting unit (including goodwill) the implied fair value of goodwill and its book value the fair value of the reporting unit (including goodwill) and the fair value of its net assets (without goodwill) the book value of the reporting unit (including goodwill) and the book value of its net assets (without goodwill)arrow_forwardIn reference to the determination of goodwill impairment, which of the following statements is correct? Question 2Answer a. The goodwill impairment test under ASC 350-20-35 is a three-step process. b. Under FASB, firms must first compare carrying values (book values) at the headquarter level. c. Firms can reverse previously recognized impairment losses. d. If the reporting unit's fair value exceeds its carrying value, goodwill is unimpaired.arrow_forward
- All of the following statements regarding asset impairments are true EXCEPT which one? O After recording the impairment loss, the reduced carrying amount of the asset held for use becomes its new cost basis O An impaired asset held for disposal may not be written up O An impairment loss for an asset held for use may not be restored. An impaired asset held for disposal is treated like inventory, and therefore should be reported at the lower-of-cost or net-reaalizable value.arrow_forwardLong-term operating assets can be reported on the balance sheet at fair value instead of historical cost. Does this statement apply to IFRS and U.S. GAAP? Group of answer choices It does not apply to IFRS and U.S. GAAP. It applies to U.S. GAAP only. It applies to both IFRS and U.S. GAAP. It applies to IFRS only.arrow_forwardwhat alternatives does FASB ASC Topic 305 provide in assessing the impairment?arrow_forward
- IFRS GAAP and U.S. GAAP agree most of the time. In which instance might their disagreement have a big impact on an investment decision? A. revenue recognition B. goodwill C. plant, property and equipment D. accelerated depreciationarrow_forwardWhich of the following statements is true? Question 2 options: a The capitalizable costs of patents are legal fees and other registration costs. b An identifiable tangible asset developed internally is never recognized in the accounts as an asset. c Intangible assets usually have a residual value that must be considered in the amortization of cost. d An intangible asset is usually amortized by a credit to an income account.arrow_forwardIdentify any differences between U.S. GAAP and International Financial Reporting Standards in the subsequent valuation of property, plant, and equipment and intangible assets.arrow_forward
- 1. Find the proper FASB ASC citation that provides guidance on the measurement of an impairment loss for a long-lived asset. (The citation must follow xxx-xx-xx-xx or xxx-xx-xx-x format)arrow_forwardWhich of the following cannot be protected as intellectual property? a. an idea b. an invention c. a trademark d. artistic expressionarrow_forwardHow does APB #17differ from current requirements under FASB Codification for expensing of goodwill?arrow_forward
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