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  • Chapter 8 - Intangible Assets

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    sablu khan
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    Identify the choice that best completes the statement or answers the question. Intangible assets are usually divided into which three categories? a. Goodwill represents any excess of the cost of the acquisition over the acquirer's interest in the fair value of the identifiable assets and liabilities acquired as of the date of the exchange transaction. B. Organization costs are the costs incurred during the process of establishing or incorporating a business.

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    Identify the choice that best completes the statement or answers the question. Intangible assets are usually divided into which three categories? a. Goodwill represents any excess of the cost of the acquisition over the acquirer's interest in the fair value of the identifiable assets and liabilities acquired as of the date of the exchange transaction. B. Organization costs are the costs incurred during the process of establishing or incorporating a business.

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    © All Rights Reserved
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    128 просмотров3 страницы

    Chapter 8 - Intangible Assets

    Загружено:

    sablu khan
    Identify the choice that best completes the statement or answers the question. Intangible assets are usually divided into which three categories? a. Goodwill represents any excess of the cost of the acquisition over the acquirer's interest in the fair value of the identifiable assets and liabilities acquired as of the date of the exchange transaction. B. Organization costs are the costs incurred during the process of establishing or incorporating a business.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
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    Chapter8Intangibleassets
    MultipleChoice
    Identifythechoicethatbestcompletesthestatementoranswersthequestion.

    1.Whichofthefollowingitemsisnotanintangibleasset?
    a. Patent
    b. Land
    c. Copyright
    d. Trademark
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page269

    2.Intangibleassetsareusuallydividedintowhichthreecategories?
    a. Patents,trademarksandcopyrights
    b. Researchanddevelopment,goodwillandotherintangibleassets
    c. Purchasedintangibleassets,internallygeneratedintangibleassetsandgoodwill
    d. Software,goodwillandotherintangibleassets
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page272

    3.Intheconsolidatedfinancialstatements,goodwillrepresentsanyexcessofthecostof
    theacquisitionovertheacquirersinterestinthefairvalueoftheidentifiableassetsand
    liabilitiesacquiredasofthedateoftheexchangetransaction.
    a. True
    b. False
    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    pages272,273

    4.Whichofthefollowingstatementsisfalse?
    a. Organizationcostsarethecostsincurredduringtheprocessofestablishingor
    incorporatingabusiness.
    b. Organizationcostsarealsocalledincorporationcostsorsetupcosts.
    c. Ifrecordedasintangibleassets,organizationcostsarenotamortized.
    d. Organizationcostsincludeincorporationfees,legalfees,underwritingfees,
    accountingfees,andpromotionalfees.
    ANSWER:C
    Easy
    POINTS: 0/1
    REF:
    page274


    5.Therecognitionofintangibleassetsallowstheiramortizationovertheperiodduring
    whicheconomicbenefitsarederived.Whichprincipleisputintopracticeinthis
    statement?
    a. Goingconcernprinciple
    b. Matchingprinciple
    c. Prudenceprinciple
    d. Accrualprinciple
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page277

    6.Whatistheprocesscalled,wherecostsofanintangibleassetareallocatedoverits
    usefullife?
    a. Depletion
    b. Impairment
    c. Depreciation
    d. Amortization
    ANSWER:D
    Easy
    POINTS: 0/1
    REF:
    page279

    7.Whichofthefollowingmethodsisnotusedtoreportchangesinvalueofintangible
    assets?
    a. Capitalization
    b. Impairment
    c. Revaluation
    d. Amortization
    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    page279

    8.Whichofthefollowingstatementsiscorrect?
    a. Amortizationandimpairmentareexclusiveconcepts.
    b. Impairmentisspecifictointangibleassets.
    c. Impairmentisasystematicallocationofthecostofintangibleassets.
    d. Countriesthathavenotofficiallyadoptedaruleonimpairmentgenerallyhave
    someformofanequivalentconcept.
    ANSWER:D
    Easy
    POINTS: 0/1
    REF:
    pages279,280

    9.ManyusersoffinancialstatementsseecapitalizationofR&Dasagraveviolationof
    whichprinciple?
    a. Prudenceprinciple
    b. Goingconcernprinciple
    c. Matchingprinciple
    d. Accrualprinciple

    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    page284

    10.Inwhatway(s)cancostsbereportedintheaccountingtreatmentofinternallydeveloped
    softwareforusebythedevelopingfirmitself?
    a. Expensedasapartofpurchasesofmerchandiseorofcostofgoodssold.
    b. Onlycertaincosts,suchascostsofdesign,coding,testing,documentation,
    trainingmaterials,arecapitalizedasintangibleasset.
    c. Expensed.
    d. Totallycapitalizedasintangibleassetifamountismaterial.
    ANSWER:B
    Moderate
    POINTS: 0/1
    REF:
    page288

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