The Objectives of FASB 141R (Business Combinations) and FASB 160

question 24

Multiple Choice

The objectives of FASB 141R (Business Combinations) and FASB 160 (Noncontrolling Interests in Consolidated Financial Statements) are as follows:

• A)to improve the relevance, comparability, and transparency of financial information related to business combinations.
• B)to eliminate the amortization of Goodwill.
• C)to facilitate the convergence project of the FASB and the International Accounting Standards Board.
• D)a and b only

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Definitions:

Impact Printer

A type of printer that uses mechanical impact to transfer ink onto paper, such as dot matrix printers.

Toner

A powder used in laser printers and photocopiers to form the printed text and images on the paper.

Alignment

The process of arranging data or objects in a straight line or in correct relative positions to ensure efficiency and correctness in digital systems.

Calibration

The process of adjusting the accuracy of a device or instrument by comparing its outputs with a known standard.