Which Accounting Standard Distinguishes Between Intangible Assets and Goodwill

question 5

Multiple Choice

Which accounting standard distinguishes between intangible assets and goodwill?

• A) AASB 136
• B) AASB 3
• C) AASB 138
• D) AASB 9

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Definitions:

F.O.B. Contracts

F.O.B. (Free on Board) Contracts are commercial agreements where the seller is obligated to deliver goods on board a vessel chosen by the buyer at a specified location, with the buyer taking responsibility for the goods once they're onboard.

Title

A formal right of ownership of property, indicating the holder has legal control and rights regarding its use or transfer.

Risk

Potential loss from destruction or damage to goods, injury, or other eventuality.

Seller's Place

The physical or juridical location where the seller operates, often relevant in legal and commercial transactions.