Under AASB 138 Intangibles,goodwill May Only Be Recognised as an Asset

question 15

Multiple Choice

Under AASB 138 Intangibles,goodwill may only be recognised as an asset if it:

• A)arises as a result of creating new assets within the normal business operations
• B)does not exceed its internally recorded cost
• C)is internally generated
• D)is acquired as part of a business combination.

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Definitions:

Minoan Pottery

Ceramic vessels produced by the ancient Minoan civilization, noted for their elaborate designs, vivid colors, and role in archaeological studies of the culture.

Seafaring

The practice or occupation of traveling and trading by sea, emphasizing maritime culture, navigation, and exploration.

Nature

The collective occurrences of the material universe, encompassing flora, fauna, terrains, and other natural aspects and outputs of the planet, in contrast to human beings or their inventions.

Cycladic Figurines

Small, ancient sculptures from the Cycladic islands of the Aegean Sea, characterized by their abstract, geometric forms and dating from the Early Bronze Age.