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- Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition. A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleNegative Goodwill is based on the accounting concept of Goodwill, an intangible asset that represents the worth of a company's brand name, patents and other intellectual19property, customer base, licenses, and other items that are difficult to put an amount on but help to make a company valuable. When the price paid is less than the actual value of the company's net tangible assets, negative Goodwill results.Required: In accordance with IFRS 3: Business Combinations, Identify THREE (3) factors that account for a negative Goodwill and indicate its accounting treatment when it occurs in the preparation of consolidated financial statements.Explain the concept of goodwill in accounting and how it is recognized and measured. Provide an example to illustrate the recognition of goodwill in a business acquisition.
- Give one word or a term used to describe the following: a) An allowance by a creditor to debtor for prompt payment.b) Commodities in which a business deals. c) An obligation which may or may not materialise.d)An exchange of benefit for value.e) Things of value owned by business to earn future profits. f) Assets like brand value, copy rights, goodwill.The meaning of goodwill in accounting is: Multiple Choice The amount by which a company's value exceeds the value of its individual assets and liabilities. Long term assets held as investment. The support of the board of directors for the operating decisions of management. The cost of developing, maintaining, or enhancing the value of a trademark. Rights granted to an entity to deliver a product or service under specified conditions.FAR- Conceptual Framework Kindly help me answer the following: 11. Which is an implication of the going concern assumption? * a. Depreciation and amortization policies are justifiable and appropriate. b. The current and noncurrent classification of assets and liabilities is justifiable and significant. c. All of these are an implication of going concern. d. The historical cost principle is credible. 12. The concept of accounting entity is applicable * a. Only to business organisations b. Only to the economic aspects of business organizations c. Only to the legal aspects of business organizations d. Whenever accounting is involved 13. The overall objective of financial reporting is to provide information * a. That allows owners to assess management performance. b. About assets, liabilities and equity of an entity. c. That is useful for decision making d. About financial…
- Present an argument to support the idea that your company’s land should not be depreciated, even though the property on the land is depreciated? Using practical example describe how International Accounting Standard 40 would apply to Assets in your company? Depreciation does not involve movement of cash, therefore unnecessary in accounting for an entity’s performance, Discuss?What would be the effect of a business overstating the value of its closing inventories? Question content area bottom Part 1 A. Understating its performance and overstating its assets B. Understating its performance and understating its assets C. Overstating its performance and understating its assets D. Overstating its performance and overstating its assetsAssets are resources related to past transactions that are expected to provide a future economic benefit to the company. True False
- What is meant by the term Goodwill in accounting? Explain giving example.An analyst must be familiar with the determination of income. Income reported for a business entity depends on proper recognition of revenues and expenses. In certain cases, costs are recog- nized as expenses at the time of product sale; in other situations, guidelines are applied in capi- talizing costs and recognizing them as expenses in future periods. Required: a. Under what circumstances is it appropriate to capitalize a cost as an asset instead of expensing it? Explain. b. Certain expenses are assigned to specific accounting periods on the basis of systematic and rational allocation of asset cost. Explain the rationale for recognizing expenses on such a basis.*Hdoes a company account for the disposal of an asset?how does it report gains and losses on its financial statments. *Distinction between addition and improvment and should be a company account for each
