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please answer all the questions immediately thankyou 32. Goodwill shall be recognized only when * (1 Point) It is purchased from another company A firm
please answer all the questions immediately thankyou
32. Goodwill shall be recognized only when * (1 Point) It is purchased from another company A firm reports above normal earnings for five or more consecutive years. It can be established that a definite benefit oradvantage has resulted to a firm from some item such as a good name capable staff or reputation. It is acquired through the purchase of another business entity. LA 33. Under PAS 20. Grants are * (1 Point) Recognized in profit or loss on a systematic basis over the periods in which the entity recognized the related expense Credited directly to a shareholders equity account since it increases the asset Not recognized but only warrants disclosure in the notes to the financial statements of the entity Recognized immediately in the profit or loss 34. Statement 1 - For an item of PPE that was acquired on account, the cost must be equal to the invoice price less discount whether or not it was taken. Statement || - If the PPE is acquired in exchange for issuance of bonds payable, the first priority measuring the cost of the PPE is the fair value of the bonds payable issued. (1 Point) True: True True: False False: False False: True 35. The proper classification of Deferred grant income is * in (1 Point) Partly Current liability and partly non-current liability Partly Non-Current Asset and partly non-current liability Component of the Statement of Comprehensive income Current Liability for the full amount 36. How should an enterprise account for a non-monetary government grant? * (1 Point) Record the asset at nominal value and the grant at fair market value Record the asset at fair market value and the grant at a nominal amount Record the asset and the grant at fair market value Record the asset and the grant at an estimated amount of the managementStep by Step Solution
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