Unit test Review

What is capital? in your own words. economics.

Bezzdna [24]

Answer:

In finance and accounting, capital generally refers to financial wealth, especially that used to start or maintain a business. ... In classical economics, capital is one of the four factors of production. The others are land, labor and organization

4 0

3 years ago

Goodwill is: Group of answer choices Amortized over the greater of its estimated life or forty years. Only recorded by the selle

Tems11 [23]

Explanation:

Goodwill in accounting is an intangible asset that arises when a buyer acquires an existing business. Goodwill represents assets that are not separately identifiable. Goodwill does not include identifiable assets that are capable of being separated or divided from the entity and sold, transferred, licensed, rented, or exchanged, either individually or together with a related contract, identifiable asset, or liability regardless of whether the entity intends to do so. Goodwill also does not include contractual or other legal rights regardless of whether those are transferable or separable from the entity or other rights and obligations. Goodwill is also only acquired through an acquisition; it cannot be self-created. Examples of identifiable assets that are goodwill include a company’s brand name, customer relationships, artistic intangible assets, and any patents or proprietary technology. The goodwill amounts to the excess of the "purchase consideration" (the money paid to purchase the asset or business) over the net value of the assets minus liabilities. It is classified as an intangible asset on the balance sheet, since it can neither be seen nor touched. Under US GAAP and IFRS, goodwill is never amortized, because it is considered to have an indefinite useful life. Instead, management is responsible for valuing goodwill every year and to determine if an impairment is required. If the fair market value goes below historical cost (what goodwill was purchased for), an impairment must be recorded to bring it down to its fair market value. However, an increase in the fair market value would not be accounted for in the financial statements. Private companies in the United States, however, may elect to amortize goodwill over a period of ten years or less under an accounting alternative from the Private Company Council of the FASB.

8 0

3 years ago

Marcus, feeling stressed out from work, decided to search for a meditation app for his phone that would help him relax during th

sweet-ann [11.9K]

Answer: a. It merely conducted some activity outside of Alaska and that activity took place through a website.

Explanation:

CalmDown can use the defence that all it did was to conduct an activity through it's website and this happened to be outside Alaska.

As such the company is still bound by the state that it is registered in which in this case would seem to be in Alaska. They are not to be bound by the laws of another jurisdiction from the one they are registered to if the activity was done on the internet.

Marcus should therefore try to bring action against them in Alaska if he can.

7 0

3 years ago

Snow White Frame Company's cost formula for its supplies cost is $1,740 per month plus $8 per frame. For the month of March, the

Mademuasel [1]

Answer:

$48 U

Explanation:

Calculation to determine what The activity variance for supplies cost in March would be closest to:

First step is to calculate the Planning supply activity cost

Planning supply activity cost = (614 × $8) +$1,740

Planning supply activity cost = 4,912+$1740

Planning supply activity cost = $6652

Second step is to calculate the Actual supply activity cost

Actual supply activity cost = (620 × $8) + $1,740

Actual supply activity cost =4960+$1,740

Actual supply activity cost =$6,700

Now let calculate the Activity variance for supplies cost using this formula

Activity variance for supplies cost = Actual activity cost – Planning activity cost

Let plug in the formula

Activity variance for supplies cost= $6,700 - $6,652

Activity variance for supplies cost= $48 Unfavorable

Therefore The activity variance for supplies cost in March would be closest to:$48 U

3 0

3 years ago

Assume you are completing a swot analysis for CVS. Amazon's entrance into the healthcare business would fall under which part of

antoniya [11.8K]

The answer is threat and Chegg says that as well

6 0

3 years ago