Under current US GAAP, goodwill is:

I. amortized over a period not to exceed 40 years.
II. tested annually for impairment.
III. exclusive of separately identifiable intangible assets.
IV. recorded only upon purchase of another entity.

A)I, II, III, and IV
B)II, III, and IV
C)I, II, and III
D)II and IV

Question

Under current US GAAP, goodwill is:

I. amortized over a period not to exceed 40 years.
II. tested annually for impairment.
III. exclusive of separately identifiable intangible assets.
IV. recorded only upon purchase of another entity.

A)I, II, III, and IV
B)II, III, and IV
C)I, II, and III
D)II and IV

Quizplus · Accepted Answer

The Answer of Under current US GAAP, goodwill is:

I. amortized over a period not to exceed 40 years.
II. tested annually for impairment.
III. exclusive of separately identifiable intangible assets.
IV. recorded only upon purchase of another entity.

A)I, II, III, and IV
B)II, III, and IV
C)I, II, and III
D)II and IV

Under Current US GAAP, Goodwill Is