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True or False?

1. With respect to audit opinions, if an outside auditor issues a qualified opinion this means that the auditor believes the financial statements are in accordance with GAAP. They are consistent, and all material information has been disclosed.

2. Assume the following:

  • Company A purchases equipment from Company B
  • Company B ships the equipment to Company A FOB Destination
  • Company B pays for insurance during shipment of the equipment

Company A should include the cost of the insurance in the equipment cost that it records on its books.

3. Goodwill is recorded only when a business entity is acquired by a purchase.

4. Assume the following data relates to a basket purchase of assets made by Company A:

  • Land with an appraised value of $85,000 is purchased.
  • Buildings with an appraised value of $75,000 is purchased.
  • Furniture with an appraised value of $200,000 is purchased.

The total purchase price for the basket of assets was $400,000.

Company A should record the land at a cost of $94,444.44.

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M92639946

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