Question Details

Copyrights are granted by the federal government 



1.	A patent
		a.	has a legal life of 40 years.
		b.	is nonrenewable.
		c.	can be renewed indefinitely.
		d.	is rarely subject to litigation because it is an exclusive right.
	2.	If a company incurs legal costs in successfully defending its patent, these costs are recorded by debiting
		a.	Legal Expense.
		b.	an Intangible Loss account.
		c.	the Patent account.
		d.	an operating expenditure account.

	3.	Copyrights are granted by the federal government 
		a.	for the life of the creator or 50 years, whichever is longer.
		b.	for the life of the creator plus 50 years.
	c.	for the life of the creator or 50 years, whichever is shorter.
		d.	and therefore cannot be amortized.

	4.	Goodwill
		a.	is only recorded when generated internally.
		b.	can be subdivided and sold in parts.
		c.	can only be identified with the business as a whole.
		d.	can be defined as normal earnings less accumulated amortization.
	
5.	In recording the acquisition cost of an entire business,
		a.	goodwill is recorded as the excess of cost over the fair value of identifiable net assets.
		b.	assets are recorded at the seller's book values.
		c.	goodwill, if it exists, is never recorded.
	d.	goodwill is recorded as the excess of cost over the book value of identifiable net assets.




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