Question

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o display a symhol of product identilicution is a: A. Patent. B. Copyright. Tradcmark. D. Franchisc E. Goodwill 5. Ifthe cit tyfEl Paso donates land to Walmart to entice Walmart to huild a new shopping center would recrord the valve ofthe land on its balance shect at A. Zero. B. What the City of El Pa so initially paid for the land C. The fair value of the land. D. None of the abovc. 6. Under US GAAP, rescarch and devclopment (R&D) costs: A. Generally relate to activities that occur prior to the start of production. y beexpensed or capitalized, at the option of the reporting entity C. Must be capitalized and amortized. D. Nonc of the above are corrccl. 7. If an inlangible assct has a logal life of eight ycars but contractually the usefulness is limited to six years, a company will amortize the cost over: A. Eight ycars. B. Six ycars. C. Scven ycars. D. Either six or cight years is allowed E. Nonc of the above are correct. A change in the estimated service life of equipment 8. A. Is handled prospectively B. Requires retroactive restatement of prior year's financial statements C. Requires a prior period adjustment. D. Does not require disclosure on the financial statements. E. None of the above.

Answer 1

Answer:

4.) Option (C) Trade Mark

5.) Option (B) What the city of EI paso initially paid for the land

6.) Option (B) May be expensed or capitalised at the option of the reporting entity.

7.) Option (A) Eight years.

8.) Option (B) Requires retroactive restatement of prior years financial statement.