Question Details

An asset that cannot be sold individually in the market place 


1.	Intangible assets are the rights and privileges that result from ownership of long-lived assets that
		a.	must be generated internally.
		b.	are amortizable natural resources.
		c.	have been exchanged at a gain.
		d.	do not have physical substance.

	2.	Identify the item below where the terms are not related.
		a.	Equipment—amortization
		b.	Patent—wasting asset
		c.	Goodwill—amortization
		d.	Oil well—amortization

	3.	An intangible asset should
		a.	be amortized over a period of 40 years.
		b.	not be amortized if it has an indefinite life.
		c.	be amortized over its useful life or 40 years, whichever is longer.
		d.	be amortized over its useful life or 40 years, whichever is shorter.

4.	The cost of successfully defending a patent in an infringement suit should be
		a.	charged to Legal Expenses.
		b.	deducted from the book value of the patent.
		c.	added to the cost of the patent.
		d.	recognized as a loss in the current period.

	5.	An asset that cannot be sold individually in the market place is
		a.	a patent.
		b.	goodwill.
		c.	a copyright.
		d.	a trade name.


Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help