29 Jun Question 41. The length of the mea
Question
41. The length of the measurement period allowed to value the assets and liabilities in an acquired business combination starts on the date of acquisition and lasts until:
A. All necessary information about the facts of the acquisition is obtained
B. All necessary information about the facts of the acquisition is obtained, not to exceed one month
C. All necessary information about the facts of the acquisition is obtained, not to exceed one reporting period
D. All necessary information about the facts of the acquisition is obtained, not to exceed one year
42. FASB 141R (ASC 805) requires contingent consideration in a business combination to be classified as:
A. An asset
B. A liability or equity
C. An asset or equity
D. An asset or a liability
43. For all acquired contingencies, the acquirer should do all of the following except:
A. Provide documentation from the acquirer’s attorney regarding pending lawsuits and loan guarantees
B. Provide a description of each contingency
C. Disclose the amount recognized at the acquisition date
D. Describe the estimated range of possible undiscounted outcomes of the contingency
44. FASB 141R (ASC 805) requires that ongoing research and development projects be treated in all of the following ways except:
A. Recorded at acquisition-date fair values
B. Classified as intangible assets having indefinite lives
C. Expensed immediately
D. Tested for impairment periodically
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