Price College Student Shares Accounting Trivia at Academic Team Tournament
While enrolled in Intermediate Accounting I, Thatcher Chonka, finance major from Tulsa and National Merit Scholar Finalist, submitted an accounting trivia question at a national academic team tournament. Chonka's participation on OU’s Academic Team led him to audition for the Jeopardy! College Championship, where he finished as a semi-finalist. Test your trivia knowledge below.
Trivia Question
Q: In October 2016, FASB removed the controversial “step two” of a test regarding a line item known by this term. Accounting Standards Update 2014-2 gave private companies the option to amortize an asset known by this term over ten years. A two-step “impairment test” of an asset known by this term required a comparison of its “implied fair value” to its “carrying value,” which can typically only be determined after an acquisition. This term denotes an intangible asset that definitionally accounts for the difference in the price paid for a company and the fair value of the company’s net assets; in other words, this term refers to the value of a company attributed to its relationships and reputation. In the Nicomachean Ethics, Aristotle’s term eunoia is typically translated to this English-language word, which denotes the benevolent feelings that friends have for one another.
For 10 points, what positive term also names a nonprofit that solicits donations and runs a chain of thrift stores? (Scroll down for the answer.)
A: Goodwill
