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Goodwill is distinguished from other intangible assets due to which of the following characteristic?


A) monetary nature.
B) physical substance.
C) identifiability.
D) separability.

E) A) and B)
F) A) and C)

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The recognition criteria that an asset must meet before it may be recognised and presented in the financial statements includes:


A) results from a past event.
B) having physical substance.
C) relevant to management decision making.
D) verifiability.

E) A) and C)
F) C) and D)

Correct Answer

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Items such as market knowledge, effective advertising programs, fundraising capabilities and trained staff are NOT regarded as assets because they:


A) are monetary items.
B) are not controlled by the entity.
C) cannot be reliably measured.
D) are too difficult to manage.

E) All of the above
F) B) and D)

Correct Answer

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AASB 138 Intangibles, requires that an intangible asset with an indefinite life:


A) be amortised across its useful life.
B) be amortised across a period of no greater than 10 years.
C) not be amortised in periods when it has been properly maintained.
D) not be subject to amortisation charges.

E) None of the above
F) All of the above

Correct Answer

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