Which of the following is not true about goodwill?

a. Goodwill reflects the value of knowledgeable employees.
b. Goodwill reflects the value of a reputation for quality products.
c. Under U.S. GAAP, goodwill has an indefinite life, and firms do not amortize the amount recognized as goodwill.
d. Firms must test goodwill annually for a loss in value.
e. Under IFRS, goodwill has an indefinite life, and firms amortize the amount recognized as goodwill.


E

Business

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Corporate taxable income earned before December 31, 2017 is taxed using a rate schedule that includes rates ranging from 15% to 39%.

Answer the following statement true (T) or false (F)

Business

Lana wasn't sure if her coworker Branson was correct when she said it was ok to take work home, but she had faith in Branson's ability to make good decisions, so she took the work home and hoped her boss wouldn't be mad. Lana was displaying

A. self-interest. B. trust in Branson. C. unethical behavior. D. trust in her boss. E. rule breaking.

Business

Learned and shared patterns in a group or society is referred to as _____

A) culture B) ego C) ethnocentrism D) respect E) stereotypes

Business

In a fully integrated standard costing system, standard costs eventually flow into the

A) Cost of Goods Sold account. B) Standard Cost account. C) Selling and Administrative Expenses account. D) Sales account.

Business