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impairment as a long-lived asset because of obsolescence issues. What
relationship will the auditors most likely make between the facts stated
above? (Points: 4)
BlizzardCraft erroneously treated the acquisition of Simco as a
purchase transaction when it should have been a pooling of interests.
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.