When Intuit, a Tax and Financial Planning Software Company, Created

question 194

True/False

When Intuit, a tax and financial planning software company, created a website where its QuickBooks customers could interact about problems facing their small businesses, this was an example of an online community.

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Definitions:

Negative Goodwill

A financial situation where the price paid for an acquisition is less than the fair market value of its net tangible assets.

Note Payable

A written promise to pay a certain amount of money, often with interest, by a specific date, recognized as a liability in the borrower's financial statements.

Consolidated Statement

A financial statement that aggregates the financial position and results of operations of a parent company and its subsidiaries as a single entity.

Push-down Accounting

An accounting method used in situations of acquisitions, where the financial statements of the acquired company are restated to reflect the acquirer's basis of assets and liabilities.