How many of the following statements regarding goodwill are true? Goodwill is not reported unless purchased in

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How many of the following statements regarding goodwill are true?

Goodwill is not reported unless purchased in an exchange.

Goodwill must be reviewed annually for possible impairment.

Impairment of goodwill results in a decrease in net income.

a. none

c. two

b. one

d. three

(Appendix)

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Financial Accounting

ISBN: 9780073208145

5th Edition

Authors: Robert Libby, Patricia Libby, Daniel Short

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