Kinvolved, the Company Profiled in the Opening Feature of Chapter

question 23

Multiple Choice

Kinvolved, the company profiled in the opening feature of Chapter 10, is an EdTech startup that involves an app to track student absences. The company was co-founded by Miriam Altman and Alexandra Meis. Which of the following is true about Kinvolved's founding story?

• A) Both Altman and Meis were college professors before starting the venture.
• B) The co-founders raised money via an Indiegogo crowdfunding campaign.
• C) Altman and Meis went public via an IPO soon after launch.
• D) Both Altman and Meis attended Stanford University.
• E) Altman and Meis met while they were teaching at Harvard University.

Recognize the definitions and implications of recoverable amount, value in use, and fair value less costs to sell.

Understand the calculation and accounting treatment of impairment losses under AASB 136.

Grasp the implications and accounting treatment of reversals of impairment losses.

Recognize the necessity for annual impairment tests on specific asset categories.

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Definitions:

Quantity Demanded

The total amount of a product that consumers are willing and able to purchase at a specific price in a given time period.

Electricity

A form of energy resulting from the existence of charged particles, commonly used for power and lighting.

Quantity Demanded

represents the total amount of a product or service consumers are willing and able to purchase at a given price level, within a specific time period.

Price Inelastic

Describes a situation where the demand for a good or service does not significantly change with a change in its price.