M4 - M8 - Goodwill, Including Impairment

Question 1

_______represents the intangible resources and elements connected with an entity that cannot be separately identified and reported on the balance sheet

Answer 1

Goodwill

Question 2

Goodwill is ______ excess earnings power.

Answer 2

capitalized

Question 3

Under U.S. GAAP, goodwill impairment is calculated at a __________.

Answer 3

reporting unit level

Question 4

Impairment exists when the ________ (including goodwill) of the reporting unit exceeds its ________(including goodwill).

Answer 4

carrying amount; fair value

Question 5

The impairment charge will equal the difference between the______ and _______, not to exceed the total value of goodwill allocated to the reporting unit.

Answer 5

fair value and carrying value