Reference no: EM132730731

Problem 1: In the recording of goodwill in the acquisition cost of an entire business:

(a) goodwill is recorded as the excess of the acquisition cost over the fair value of the identifiable net assets.
(b) goodwill is recorded only under ASPE (not under IFRS)
(c) goodwill, if it exists, is never recorded.
(d) goodwill is recorded as the excess of the acquisition cost over the carrying amount (book value) of the identifiable net assets

Problem 2: The entry to record interest expense on a note payable is a:

(a) debit to interest expense and credit to note payable.
(b) debit to note payable and credit to interest revenue.
(c) debit to interest payable and credit to interest revenue.
(d) debit to interest expense and credit to interest payable.