In accounting, goodwill
A. Must be expensed in the period it is recorded because benefits from goodwill are difficult to identify.
B. May be recorded when a company purchases another business.
C. May be recorded whenever a company achieves a level of net income that exceeds the industry average.
D. Is amortized over its useful life.
Answer: B
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Answer the following statement true (T) or false (F)
The net income reported on the income statement for the current year was $100,000. Depreciation recorded on plant assets was $25,000. Accounts receivable and inventories decreased by $5,000 and $15,000, respectively. Prepaid expenses and Accounts Payable increased by $500 and $4,000, respectively. Using the indirect method, how much would be reported for net cash flows from operating activities
in the statement of cash flows? A) $130,500 B) $148,500 C) $141,500 D) $98,500
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Indicate whether the statement is true or false
Illegal acts by either employers or unions that deny employees their rights and benefits are called
A. discrimination complaints. B. violation and resolve charges. C. unfair labor practices. D. representation charges.