Goodwill Has to Be Evaluated for Impairment Once a Year

question 117

True/False

Goodwill has to be evaluated for impairment once a year, as well as on an interim basis as the time events and circumstances warrant.

---

Definitions:

Actual Price

The price at which a good or service is sold in the market, not taking into account discounts or premiums.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price.

Quantity Supplied

The amount of a commodity that producers are willing to sell at a particular price at a given period.

Supply

The total amount of a specific good or service that is available to consumers.