Directors Have Determined That Goodwill Acquired in 2014 Has Been

question 14

Multiple Choice

Directors have determined that goodwill acquired in 2014 has been impaired by $5000.What is the appropriate elimination entry for this impairment?

• A)
• \[\begin{array} { | l | l | r | r | }
• \hline & & & \\
• \hline \mathrm { Dr } & \text { Goodwill } & 5000 & \\
• \hline \mathrm { Cr } & \text { Retained earnings } & & 5000 \\
• \hline
• \end{array}\]
• B)
• \[\begin{array} { | l | l | r | r | }
• \hline & & & \\
• \hline \mathrm { Dr } & \text { Retained earnings } & 5000 & \\
• \hline \mathrm { Cr } & \text { Goodwill } & & 5000 \\
• \hline
• \end{array}\]
• C)
• \[\begin{array} { | l | l | r | r | }
• \hline & & & \\
• \hline \mathrm { Dr } & \text { Goodwill } & 5000 & \\
• \hline \mathrm { Cr } & \text { Impairment loss - goodwill } & & 5000 \\
• \hline
• \end{array}\]
• D)
• \(\begin{array}{|l|l|r|r|}
• \hline & & & \\
• \hline \text { Dr } & \text { Impairment loss - goodwill } & 5000 & \\
• \hline \mathrm{Cr} & \text { Goodwill } & & 5000 \\
• \hline
• \end{array}\)

Comprehend the distinction between numbers as labels (nominal) and as quantities that can reflect order or magnitude.

Understand the principles of foreign exchange markets and their functions.

Apply the concept of purchasing power parity and understand its implications for exchange rates.

Understand the role and functions of Export Development Canada in international trade.

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Definitions:

Ronald Reagan

The 40th President of the United States, serving from 1981 to 1989, known for his conservative policies and role in ending the Cold War.

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Pertains to a form of government in which power is vested in the hands of the people, either directly or through elected representatives.