Homework Answers
Goodwill is an Intangible Asset which are either acquired or self-generated by the organisation. These assets are not in monetary form like cash, investment and trade receivables etc. even there is no physical substance of intangible assets in the business.
Intangible Assets will be recorded in financial statement if the asset is separable and have market to transfer, license or rented etc in the open market and it is acquired by way of contractual or legal agreement. Therefore, self-generated intangible are not recorded in financial statements. These assets are treated as capital assets therefore all the provision regarding recognition, measurement, impairment, disclosure will also be applicable like other capital assets.
Further, if Intangible Assets has a finite useful life then it will be amortized over the useful life and if there is no finite life then it will be subjected to impairment based on the fair value of Intangible Assets. Intangible assets initially recognized at their fair values and any further cost of improvement will be capitalized in financial statements like Goodwill, Patents, Trademark, and Copyright etc. These assets are initially recognized at the fair value, improvement will be added, and then any impairment will also be considered accordingly.
Goodwill refers to future economic benefits due to present hard work done by the organisation. Therefore, the valuation of goodwill is always a critical issue in case of recognition of goodwill in the financial statement because so many issues that can arise in recognizing purchased goodwill using the market value measurement method like lack of sufficient information or evidences to ensure the reliability of value and involvement of judgement & estimation in valuation due the which reliability is compromised etc. Therefore, Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB) has issued proper guidelines to measure the value of goodwill by predefined sets of principles so that the reliability on the financial statement will be maintained across the industry
Add Answer to:
13. What is goodwill? Do you think it should be amortized? If so, over a short...
Which of the following is NOT true regarding intangibles? Multiple Choice Goodwill is amortized over its...
Which of the following is NOT true regarding intangibles? Multiple Choice Goodwill is amortized over its useful life An intangible with a definite life is amortized over the lessor of legal or useful life. Research and Development is expensed right away Intangibles that are developed internally and immaterial in amount may be expensed rather than amortized
Goodwill is amortized over a useful life not to exceed 40 years. True False
Goodwill is amortized over a useful life not to exceed 40 years. True False
In accounting, goodwill O May be recorded when a company purchases another business. Is amortized over...
In accounting, goodwill O May be recorded when a company purchases another business. Is amortized over its useful life. O Must be expensed in the period it is recorded because benefits from goodwill are difficult to identify. O May be recorded whenever a company achieves a level of net income that exceeds the industry average.
Do you think our government should focus on the long run or the short run? Why...
Do you think our government should focus on the long run or the short run? Why do you feel that way? How do you think policies would change if the government focused only on the long run? Attachments Skills Explain macroeconomic perspectives on demand and supply. Explain how the aggregate demand/aggregate supply model incorporates growth, unemployment, and inflation. Compare and contrast neoclassical and Keynesian views using the aggregate demand/aggregate supply model to understand the economy.
3. Why do you think obesity should or should not be treated as a disease? Do...
3. Why do you think obesity should or should not be treated as a disease? Do you think it is really a disease? If so, is it a mental and/or physical one? 4. Define social determinants. Should health care workers focus more on the social determinants or medical issues of obesity? Explain why you think one focus would work better than another. 5. Explain "Health at Every Size Principle". Do you agree with this principal? Do you think health or...
3. Why do you think obesity should or should not be treated as a disease? Do...
3. Why do you think obesity should or should not be treated as a disease? Do you think it is really a disease? If so, is it a mental and/or physical one? 4. Define social determinants. Should health care workers focus more on the social determinants or medical issues of obesity? Explain why you think one focus would work better than another. 5. Explain "Health at Every Size Principle". Do you agree with this principal? Do you think health or...
How do you think a physician should deal with parents that want hGH for their kids?...
How do you think a physician should deal with parents that want hGH for their kids? Being tall is generally considered an advantage in life, so why not give it to kids even if it is not medically necessary? What if we gave it to all kids, like a vaccine against shortness? Or should we shelf the medicine and work on being more tolerant of short people?
Expenses associated with an acquisition should be a. Netted against goodwill or the gain on bargain...
Expenses associated with an acquisition should be a. Netted against goodwill or the gain on bargain purchase b. Deferred until the deal closes c. Expensed in the period incurred d. Capitalized and amortized over the estimated life of the acquisition
Please need help with this questions Thank you so much. what do you think should be...
Please need help with this questions Thank you so much. what do you think should be done in management training to make a manager successful when he/she will want to be a leader? Do you think the training should be personalized? A public health leader needs to possess traits and skills such as communication skills, demonstration of shared values, resilience, interpersonal skills, openness, problem solving skills, social skills, adaptability as well as other extraversion traits ". In this case, in...
Why do you think medical errors are so common? What should health care providers do to...
Why do you think medical errors are so common? What should health care providers do to reduce medical errors? What can patients do to reduce medical errors? How can we raise awareness about the importance of reducing medical errors?
Goodwill is amortized over a useful life not to exceed 40 years. True False
In accounting, goodwill O May be recorded when a company purchases another business. Is amortized over its useful life. O Must be expensed in the period it is recorded because benefits from goodwill are difficult to identify. O May be recorded whenever a company achieves a level of net income that exceeds the industry average.
3. Why do you think obesity should or should not be treated as a disease? Do you think it is really a disease? If so, is it a mental and/or physical one? 4. Define social determinants. Should health care workers focus more on the social determinants or medical issues of obesity? Explain why you think one focus would work better than another. 5. Explain "Health at Every Size Principle". Do you agree with this principal? Do you think health or...
3. Why do you think obesity should or should not be treated as a disease? Do you think it is really a disease? If so, is it a mental and/or physical one? 4. Define social determinants. Should health care workers focus more on the social determinants or medical issues of obesity? Explain why you think one focus would work better than another. 5. Explain "Health at Every Size Principle". Do you agree with this principal? Do you think health or...
Expenses associated with an acquisition should be a. Netted against goodwill or the gain on bargain purchase b. Deferred until the deal closes c. Expensed in the period incurred d. Capitalized and amortized over the estimated life of the acquisition
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago