Which one of the following is not a characteristic

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Which one of the following is not a characteristic associated with the concept of a "business" for the purposes of FASB #141R, "Business Combinations?" A. Is an integrated set of activities and assets. B. Uses inputs and processes. C. Is intended to provide economic benefits to owners or others. D. Must be in the form of a separate legal entity. Correct! For the purposes of FASB #141R, a business does not have to be in the form of a separate legal entity. Specifically, a business is an integrated set of activities and assets that is capable of being conducted and managed through the use of inputs and processes for the purpose of providing economic benefits to owners, members, or participants. The concept of a "business" for the purposes of FASB #141R does not have to be in the form of a separate legal entity. Under this definition, a "business" may be a group of assets (or net assets) that constitute a business (e.g., a line of business) and does not have to be in the form of a separate legal entity.
If a business combination is effected through an exchange of equity interests, assuming all other factors are equal, which one of the following independent circumstances would not indicate the likely acquirer in a business combination?
Which of the following statements concerning the acquisition date of a business combination is/are correct? I. The acquisition date may be before the closing date. II. The acquisition date may be on the closing date. III. The acquisition date may be after the closing date. Correct!

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