1. What is the current approach to moving Goodwill from the Balance Sheet to the Income Statement?

   1. Impairment

   2. Depreciation

   3. Amortization

   4. Revenue decline assessment

2. Which system of accounting permits the use of current fair value to increase the recorded cost of Plant Assets after acquisition?

   1. GAAP only

   2. IFRS only

   3. Both GAAP & IFRS

   4. Neither GAAP or IFRS

3. Which accounting assumption is consistent with the use of depreciation for purposes of expense recognition?

   1. Matching

   2. Going concern

   3. Predictive value

   4. Materiality

4. In which section of the statement of cash flows would the effect of an impairment write-down be reported?

   1. Operating

   2. Investing

   3. Financing

   4. None of the above since no cash has been spent