02 Jan expensed if unsuccessful,
Quiz 2
1. Question :
(TCO 2) The exclusive right to benefit from a creative work, such as a film, is a
patent.
copyright.
trademark.
franchise.
Question 2. Question :
(TCO 2) Our company purchased all of the outstanding stock of another company, paying $2,700,000 cash. Our company assumed all of the liabilities of the other company. Book values and fair values of acquired assets and liabilities were as follows.
Book Value
Fair Value
Current assets, net
$ 420,000
$ 450,000
Property, plant and equipment, net
$ 1,600,000
$ 2,250,000
Liabilities
$ 500,000
$ 600,000
Our company would record goodwill of
$1,180,000.
$600,000.
$880,000.
$100,000.
Question 3. Question :
(TCO 2) Research and development (R & D) costs
generally pertain to activities that occur prior to the start of production.
may be expensed or capitalized, at the option of the reporting entity.
must be capitalized and amortized.
None of the above
Question 4. Question :
(TCO 2) Under International Financial Reporting Standards, research expenditures are
expensed in the period incurred.
expensed in the period they are determined to be unsuccessful.
capitalized if certain criteria are met.
expensed if unsuccessful, capitalized if successful.
Question 5. Question :
(TCO 2) Goodwill is
IN amortized over the greater of its estimated life, or 40 years.
only recorded by the seller of a business.
the excess of the fair value of a business over the fair value of all net identifiable assets.
None of the above
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