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ACG3131 > ch 11 blue packet info > Flashcards

ch 11 blue packet info Flashcards

1
Q

Do you expense or capitalize purchased intangible assets?

A

Capitalize

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2
Q

Do you expense or capitalize Internally created intangible assets?

A

expense as incurred

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3
Q

Marketing related intangibles

A

Ex: Trademark
Indefinite unless told otherwise

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4
Q

Customer related intangibles

A

Ex: Customer lists
limited life unless told otherwise

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5
Q

artistic related intangibles

A

Ex: copyrights
limited life unless told otherwise

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6
Q

contract related intangibles

A

Ex: franchise
Indefinite or limited life

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7
Q

technology-related intangibles

A

Ex: Patents
Limited life normal legal life is 20 years

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8
Q

goodwill formula

A

Cash - (FV of asset - FV of liability)

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9
Q

Goodwill journal entry (4)

A

D Assets
D Goodwill (plug)
C Cash
C Liability

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10
Q

FASB addition disclosures for income statement

A

Amort exp + impairment loss + continuing operations

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11
Q

FASB addition disclosures for Amortization expense

A

past 5 years

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12
Q

impairment test for limited life

A

carrying value is GREATER then future cash flows

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13
Q

Impairment loss formula for intangible assets other than goodwill

A

Carrying value - fair value

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14
Q

impairment test for Indefinte life

A

Carrying value is GREATER then fair value

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15
Q

impairment test for goodwill

A

Net assets including goodwill is GREATER then fair value

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16
Q

Impairment loss formula for goodwill

A

Net assets - fair value

17
Q

find the present cash flow formula

A

PMT/ (1 + Rate)^1

ex: 2 years
PMT/ (1 + Rate)^1 + PMT/ (1 + Rate)^2

18
Q

Costs similar to R&D Costs (4)

A

Start up costs
Initial operating losses
Advertising Costs
Computer Software Cost

19
Q

research and development costs (5)

A

Materials, equipment, and facilities
Personnel
Purchased intangibles
Contract services
Indirect costs

ACG3131 (17 decks)

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