uudelopment phase are capitalized if specific criteria are met Question 1: Goodw

Question

uudelopment phase are capitalized if specific criteria are met Question 1: Goodwill is: A. Amortized over the greater of its estimated life or forty years. B. Only recorded by the seller of a business. C. The excess of the fair value of a business over the fair value of all net identifiable assets D. None of these. Question 2: Asset retirement obligations: A. Increase the balance in the related asset account. B. Are measured at fair value in the balance sheet. C. Are liabilities associated with the restoration of an operational asset. D. All of these are correct.

Explanation / Answer

1 Goodwill is the excess of the fair value of a business over the fair value of all net identifiable assets 2 Asset retirement obligation are measured at fair value in the Balance Sheet

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