Select the necessary words from the list of possibilities to complete the following statements Statements Answer 1 The intangible asset known as arises in accounting for a business combination and should be amortcod as its value becomes impaired over the years 2 A December 30 acquisition of a new plant asset was recorded after year-end rather than prior to year and Such an error does not usually result in a significant misstatement of 3 A company may not actually own property recorded as an asset instead the company may have rights to the asset under the terms of a 4 The plant and equipment budget is designed to control of property items goodwill 5 Possession of a deed is not proof of present of property Select the necessary words from the list of possibilities to complete the following statements Answer 1 Statements The intangible asset known as anses in accounting for a business combination and should be amortized as its value becomes impaired over the years A December 30 acquisition of a new plant asset was recorded after year-end rather than prior to year-end. Such an error does not usually result in a significant misstatement of A company may not actually own property recorded as an asset, instead the company may have rights to the asset under the terms of a 2 3 4 The plant and equipment budget is designed to control of property items goodwill ce 5. Possession of a deed is not proof of present of property A