1. At the date Giant bought Minor, Minor had an asset on its books for goodwill. True/False: When Giant allocates the consideration for the deal to Minors assets and liabilities, Giant will allocate zero to this preexisting goodwill.
2. True/False: The accounting for business combinations under IFRS and GAAP is very similar, because the FASB and IASB worked jointly on a project to develop standards in this area.
3. True/False: Under GAAP, it is possible for a company to record BOTH goodwill and a gain on bargain purchases on the same transaction.