U.S. GAAP requires firms to recognize an impairment loss on a nonamortized intangible other than goodwill whenever the carrying value of the asset exceeds its
a. undiscounted cash flows less cost to sell.
b. replacement cost less cost to sell.
c. undiscounted cash flows.
d. present value of future cash flows.
e. fair value.
E
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On October 31, Michael Corporation signed a one-year contract to provide services to Love Company for $80,000 . Love will pay for the services on November 1 . Using the accrual basis of accounting, when should Michael Corporation recognize revenue?
a. November 1 of the current year when the cash is received from Harris b. On October 31 of the next year when all services have been provided c. Throughout the year as the revenue is earned d. At December 31 of the current year, and October 31 of the next year
Which form of finance is concerned with how individuals invest and spend their money?
A. personal finance B. corporate finance C. public finance D. financial markets
A corporation is dissolved upon the effective date of the articles of dissolution
Indicate whether the statement is true or false
Zhang Company reported Cost of goods sold of $835,000, beginning Inventory of $37,200 and ending Inventory of $46,300. The average Inventory amount is:
A. $9,100. B. $41,750. C. $46,300. D. $83,500. E. $37,200.