1. What is wrong in relation to goodwill

1. Goodwill is recorded when it is extremely purchased

2. Goodwill is an intangible asset

3. Goodwill is amortised when it is having definite life

4. goodwill is recorded when it is internally generated

2. tick odd one out:

1. Financial Reporting Council oversees the process for setting accounting standards in Australia

2. FRC has the power to veto a standard formulated and recommended by Australian Accounting Standards Board

3. FRC monitor effectiveness of auditor independence requirements in Australia

4. FRC oversees the process for setting auditing standards in Australia

3. A company got order to supply 10,000 units to a customer after 10days revenue will be recognised at what point of time:

1. when is order is receive

2. when goods are manufactured

3. when goods are delivered to the customer

4. when finally, payment is rec