ACC 562 Course Great Wisdom / tutorialrank.com ACC 562 Course Great Wisdom / tutorialrank.com | Page 18

Simco should not have amortized goodwill previous to 2002.
Simco's goodwill should have been written off when purchased
by BlizzardCraft in a one-time transaction.
The goodwill related to Simco may have been impaired during
2008.
64. All of the following represent a related entity to an organization
except (Points: 4)
the president's son.
an affiliate with common ownership.
customers.
primary owners.
65. All of the following represent equity issuance requiring prominent
accounting, presentation and disclosure treatment, except (Points: 4)
stock with beneficial conversion features.
Warrants issued to a consultant for services performed.
Preferred stock that is cumulative and par value is $0.50 per
share.
Dividends have not been paid on common stock since inception.
66. The auditor will examine proceeds and trace them to recorded
amounts of the par value of common stock to determine that (Points:
4)
shares exist and have valid stock certificates.
proceeds have been properly distributed between common stock
and additional paid-in capital.