The Excess of the Cost of Self-Constructed Assets Over Their

question 65

True/False

The excess of the cost of self-constructed assets over their cost if they had been purchased from outsiders should be recorded as an expense or loss of the period; similarly, costs of self-constructed assets which result in a cost savings should result in revenue or gain recognition.

Recognize the requirements and methods for goodwill recognition, impairment testing, and disclosure.

Differentiate between amortizable and non-amortizable intangible assets.

Determine the financial implications and accounting treatment of negative goodwill.

Understand the impact of legal fees and costs associated with the defense and acquisition of intangible assets.

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