2 points mcq general accounting In businessgoodwill is:combinations under common control,a) Calculated as in regular business combinationsb) Amortized immediatelyc) Always recognized at fair valued) Not recognized, difference goes to equity

Explanation of Business Combinations Under Common Control: Business combinations under common…

Answered: In business goodwill is: combinations…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 27MC: What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both...

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6. What is the effect on the financial statement elements if an SME receives goods or services in an equity-settled share-based payment transaction? a. Increase in assets and increase in income b. Increase in assets and increase in liability c. Increase in assets and increase in equity d. No effect on any of the financial statement elements
Direct cost incurred in a business combination are A. CapitalizedB. ExpensedC. Capitalized, except for costs of issuing equity and debt instrumentsD. Expensed, except for costs of issuing equity and debt instruments
Which of the following statements regarding equity is not true? It is defined independently of assets and liabilities. O It includes the retained earnings of the entity. It can be increased by additional contributions by the owners. It is increased by profit.
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What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
What is the impact on the accounting equation when stock is issued, in exchange for assets? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
4. Which of the following items will appear in the statement of changes in equity? a. Extraordinary loss b. Write-off of goodwill c. Transaction instruments d. Transaction costs directly related to issuance of equity instruments costs directly related to issuance of debt
What is the impact on the accounting equation when stock is issued, in exchange for assets?A. both sides increaseB. both sides decreaseC. only the Asset side changesD. neither side changes
Based on which of the following concepts, is share capital account shown on the liability side of a balance sheet? Business entity concept Money measurement concept Cost concept Going concern concept
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Gain on Bargain Purchase treated as other income in a business combination should be: a. Credited to the income account of both acquirer and acquire b. Credited to the share premium account of the acquirer c. Credited to a deferred credit account d. Credited to the income account of the acquirer

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In business goodwill is: combinations under common control, a) Calculated as in regular business combinations b) Amortized immediately c) Always recognized at fair value d) Not recognized, difference goes to equity