If You Wanted to Set Up a Business Importing Amber

question 103

Multiple Choice

If you wanted to set up a business importing amber from Denmark to Canada, you would have to plan on paying Canada Customs roughly 20 percent of the value of the product as a:

• A)bribe.
• B)tariff.
• C)revenue.
• D)subsidy fee.

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Definitions:

Goodwill

An intangible asset that represents the excess value of a company's fair market value over the net assets of a business it acquires.

Impairment

The diminution in the recoverable value of an asset below its carrying amount, reflecting a decline in the quality, quantity, or market value of the asset.

AASB 136

The Australian Accounting Standards Board standard on impairment of assets, providing guidelines on how an entity should test for and recognize impairment.

AASB 136

The Australian Accounting Standards Board standard related to the impairment of assets, requiring testing for impairment to ensure asset values are not overstated.