1. Which of the following statements best describes when previously recognized goodwill impairment may be reversed? a. Reversals are permitted under both Private Entity GAAP and IFRS. b. Reversals are permitted under Private Entity GAAP but are not allowed under IFRS C. Reversals are not permitted under either standard. d. None of these 2. The intangible asset goodwill may be a. capitalized only when purchased. b. capitalized either when purchased or created internally. c. capitalized only when created internally. d. written off directly to retained earnings. 3. Goodwill was purchased when a business was acquired. When an impairment to the goodwill is determined, the credit is usually made to a. the Goodwill account. b. an Accumulated Amortization account. c. a Deferred Credit account. d. a shareholders' equity account