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The answer for the above question will be in line with IAS38
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QUESTION 5 Which of the following statements is correct with respect to the concept of "identifiability"...
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January...
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $3,459,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,150,000. a. Included in the assets purchased from Heinrich was a patent valued at $93,600. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS believes the patent will be useful for only...
Which of the following statements related to internally developed assets IS correct? Group of answer choices...
Which of the following statements related to internally developed assets IS correct? Group of answer choices A) IFRS generally require that expenditures on research be capitalized as an intangible asset rather than expensed B) IFRS do not allow companies to recognize an intangible asset arising from development C) Generally, US GAAP require that both research and development costs be expensed as incurred except for certain costs related to software development
The following information concerns the intangible assets of Epstein Corporation: On June 30, 2021, Epstein completed...
The following information concerns the intangible assets of
Epstein Corporation:
On June 30, 2021, Epstein completed the acquisition of the
Johnstone Corporation for $1,880,000 in cash. The fair value of the
net identifiable assets of Johnstone was $1,600,000.
Included in the assets purchased from Johnstone was a patent
that was valued at $76,800. The remaining legal life of the patent
was 13 years, but Epstein believes that the patent will only be
useful for another eight years.
Epstein acquired a...
The following information concerns the intangible assets of Epstein Corporation: On June 30, 2021, Epstein completed...
The following information concerns the intangible assets of Epstein Corporation: On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,460,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,250,000. Included in the assets purchased from Johnstone was a patent that was valued at $73,800. The remaining legal life of the patent was 14 years, but Epstein believes that the patent will only be useful for another nine years. Epstein acquired a...
6. Which of the following statements are correct with respect to the market value of equity...
6. Which of the following statements are correct with respect to the market value of equity (MVE)? There may be more than one correct answer to this question. a) MVE is equal to the sum between enterprise value and net financial liabilities b) MVE is the same as shareholders’ funds in a company’s balance sheet c) MVE can be calculated as the company’s share price multiplied by the number of shares outstanding d) MVE is equal to enterprise value less...
21) Which of the following t h earlier years than in later years! A) the double-declining...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
12. When a private company acquires another company, GMP for private companies allows which identifiable intangible...
12. When a private company acquires another company, GMP for private companies allows which identifiable intangible assets to be combined with goodwill and not separately capitalized! Brand names b. Technology Software licenses d. Noncompetition agreements d. . Textbook page number that supports your answer: 13. Company A has unreported identifiable intangible assets that are very valuable, and would like investors to know about them. Which one of the following actions will allow these intangible assets to be reported? a. Get...
Question 18. In accordance with IAS 38 Intangible Assets, which of the following statements regarding the...
Question 18. In accordance with IAS 38 Intangible Assets, which of the following statements regarding the accounting treatment of an intangible asset is correct? An intangible asset with a finite useful life is tested for impairment annually An intangible asset with an indefinite useful life is tested for impairment when indications exist An intangible asset with a finite useful life must be amortised using the straight line method The assumption that an intangible asset has an indefinite useful life must...
Which of the following statements is correct with respect to a defined contribution plan? Multiple Choice...
Which of the following statements is correct with respect to a defined contribution plan? Multiple Choice The payments made by the employer to fund a defined contribution pension plan create a pension fund asset on the balance sheet of the employer. The employer receives a tax deduction for amounts contributed to the pension plan trust and subsequent investment retums do not generate tax for the employer. The anticipated life span of the employees after retirement must be taken into consideration...
Which of the following statements is correct? A) The difference between the total assets reported on...
Which of the following statements is correct? A) The difference between the total assets reported on the balance sheet and the debts reported on the statement tells us the current market value of the stockholders equity, assuming the statements are prepared in accordance with generally accepted accounting principles (GAAP). O B) The balance sheet for a given year, say 2005, is designed to give us an idea of what happened to the firm during that year. OC) A typical industrial...
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $3,459,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,150,000. a. Included in the assets purchased from Heinrich was a patent valued at $93,600. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS believes the patent will be useful for only...
The following information concerns the intangible assets of
Epstein Corporation:
On June 30, 2021, Epstein completed the acquisition of the
Johnstone Corporation for $1,880,000 in cash. The fair value of the
net identifiable assets of Johnstone was $1,600,000.
Included in the assets purchased from Johnstone was a patent
that was valued at $76,800. The remaining legal life of the patent
was 13 years, but Epstein believes that the patent will only be
useful for another eight years.
Epstein acquired a...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
12. When a private company acquires another company, GMP for private companies allows which identifiable intangible assets to be combined with goodwill and not separately capitalized! Brand names b. Technology Software licenses d. Noncompetition agreements d. . Textbook page number that supports your answer: 13. Company A has unreported identifiable intangible assets that are very valuable, and would like investors to know about them. Which one of the following actions will allow these intangible assets to be reported? a. Get...
Which of the following statements is correct with respect to a defined contribution plan? Multiple Choice The payments made by the employer to fund a defined contribution pension plan create a pension fund asset on the balance sheet of the employer. The employer receives a tax deduction for amounts contributed to the pension plan trust and subsequent investment retums do not generate tax for the employer. The anticipated life span of the employees after retirement must be taken into consideration...
Which of the following statements is correct? A) The difference between the total assets reported on the balance sheet and the debts reported on the statement tells us the current market value of the stockholders equity, assuming the statements are prepared in accordance with generally accepted accounting principles (GAAP). O B) The balance sheet for a given year, say 2005, is designed to give us an idea of what happened to the firm during that year. OC) A typical industrial...
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