Intangible Asset Paper 3

1

Which of the following statements concerning patents is correct?






2

Under ASC Topic 350, goodwill should be tested periodically for impairment






3

Sloan Corporation is performing its annual test of the impairment of goodwill for its Financing reporting unit. It has determined that the fair value of the unit exceeds it carrying value. Which of the following is correct concerning this test of impairment?






4

Wilson Corporation is performing the test of impairment of its Technology reporting unit at 9/30/Y4. In the first step of the process, Wilson has valued the unit using a multiple of earnings approach at $2,000,000. The carrying value of the net assets of the Technology unit is $2,100,000. What should Wilson do with this information?






5

Under IFRS, what valuation methods are used for intangible assets?






6

Under IFRS, an entity that acquires an intangible asset may use the revaluation model for subsequent measurement only if






7

Under IFRS, which of the following is a criterion that must be met in order for an item to be recognized as an intangible asset other than goodwill?






8

Under IFRS, intangible assets with indefinite lives are tested for impairment






9

Under IFRS, an intangible asset is considered to be impaired if its carrying value is greater than its recoverable amount. The recoverable amount is






Result

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