Intangible Assets
What is an example of an intangible asset?
B. Trademarks
How are intangible assets different from tangible assets?
A. Tangible assets can be physically touched, intangible assets cannot
What is a patent considered as?
B. Intangible asset
Which of the following is not an intangible asset?
C. Accounts Receivable
How are intangible assets reported on the balance sheet?
C. At historical cost
What is the test for impairment of intangible assets?
C. Recoverability test
Which of the following is an example of internally developed intangible assets?
C. Copyrights developed by the company's own employees
What is the useful life of intangible assets determined by?
A. Management discretion
What is the cost of an intangible asset typically measured as?
C. Fair value
What is the process of amortizing intangible assets similar to?
A. Depreciating tangible assets