Param Is Trying to Decide Which Courses to Take During

question 40

Multiple Choice

Param is trying to decide which courses to take during his first term at college. He is considering a career as a mechanical engineer, but his parents want him to be a doctor. His older brother recommends taking hard classes first to get them out of the way. His girlfriend, who is attending the same school, wants him to enroll in some of the classes she is taking so they can spend more time together. Which would be the best strategy for Param as he selects his courses?

• A) taking a few pre-med courses to make his parents happy
• B) taking two classes with his girlfriend so they can spend time together
• C) not trying to get as many "tough" courses out of the way during his first term
• D) opting for a few online courses because they'll be easier than traditional courses

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Definitions:

Intangible Assets

Assets that do not have physical substance but provide economic benefits to the owner, such as patents, trademarks, and goodwill.

Income Recognition

The accounting principle that income should be recognized in the accounting period in which it is earned, irrespective of when the cash is received.

Initial Impairment Assessment

The first step in evaluating whether an asset's carrying amount exceeds its recoverable amount, indicating a potential impairment loss.

Intangible Asset

An asset that lacks physical substance but is identifiable and provides economic benefits to the owner, such as patents, trademarks, and copyrights.