2. Acquisition accounting only applies to the acquisition of a business. What are the three elements of a business, per ASC Topic 805?

a. assets, liabilities, and equity

b. facilities, workforce, and contracts

c. input, process, and output

d. products, services, and workforce

3. The following intangibles have been identified for an acquired company. Which one(s) are most likely to be separately capitalized by the acquiring company, per ASC Topic 805? Developed technology Skilled workforce Brand names Prospective contracts

a. Developed technology, brand names, and prospective contracts

b. Brand names and prospective contracts

c. Developed technology and brand names

d. Skilled workforce and prospective contracts

4. When a private company acquires another company, GAAP for private companies allows which identifiable intangible assets to be combined with goodwill and not separately capitalized?

a. Brand names

b. Technology

c.Software licenses

d. Noncompetition agreements

5. Company A has unreported identifiable intangible assets that are very valuable, and would like investors to know about them. Which one of the following actions will allow these intangible assets to be reported?

a. Get a third-party appraisal of the intangible assets.

b. Reclassify Company As reported plant and equipment as intangible assets.

c. Find a company to combine with, and designate Company A as the acquirer.

d. Find a company to combine with, and designate Company A as the company being acquired.