"As Fewer People Buy Computers,the Demand for Internet Service Will

question 175

Multiple Choice

"As fewer people buy computers,the demand for Internet service will decrease and the price of Internet service will increase.The rise in the price of Internet service will increase the supply of Internet service." This statement is ________ because ________.

• A)false;the decrease in the demand for Internet service creates a surplus and to eliminate the surplus,supply increases
• B)true;when the demand for Internet service increases,the supply of Internet service increases so that the price of Internet service does not increase
• C)true,when the demand for Internet service increases,the supply of Internet service increases too so that no surplus occurs
• D)true;the increase in the price of Internet service increases the supply of Internet service to eliminate the shortage
• E)false;a decrease in demand for Internet service does not increase the price of Internet service and an increase in the price of Internet service does not increase the supply of Internet service

Understand the treatment of contingent consideration in business combinations and its impact on the financial statements.

Explain the process of testing goodwill for impairment under FASB ASC and the simplified procedures available for private companies.

Recognize the adjustments required for consolidations, such as adjusting subsidiary's book values to fair values, and the consolidation entries related to these adjustments.

Understand the concept and accounting treatment of goodwill in a business combination.

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Definitions:

Identical Twins

Twins who originate from a single fertilized egg that splits and develops into two embryos with exactly the same genetic material.

Optimistic

Optimistic describes a person's tendency to hold a hopeful and positive outlook towards the future or the outcome of specific situations.

Life Expectancy

The average number of years an individual or a specific population group is expected to live, based on statistical averages.

Life Satisfaction

Life satisfaction is a measure of how people evaluate their lives as a whole rather than their current feelings, reflecting a person's perceived quality of life.