Acc 304 Week 7 Quiz 4

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ACC 304 WEEK 7 QUIZ 4
TO purchase this tutorial visit following link: http://wiseamerican.us/product/acc-304-week-7-quiz-4/ Contact us at:
SUPPORT@WISEAMERICAN.US
ACC 304 WEEK 7 QUIZ 4
ACC 304 Week 7 Quiz 4 – STR NEW
ACC 304 Week 7 Quiz 4
All Questions Included.

TRUE-FALSE—Conceptual
1. Intangible assets derive their value from the right (claim) to receive cash in the future.
2. Internally created intangibles are recorded at cost.
3. Internally generated intangible assets are initially recorded at fair value.
4. Amortization of limited-life intangible assets should not be impacted by expected residual values.
5. Some intangible assets are not required to be amortized every year.
6. Limited-life intangibles are amortized by systematic charges to expense over their useful life.
7. The cost of acquiring a customer list from another company is recorded as an intangible asset.
8. The cost of purchased patents should be amortized over the remaining legal life of the patent.
9. If a new patent is acquired through modification of an existing patent, the remaining book value of the original patent may be amortized over the life of the new patent.
10. In a business combination, a company assigns the cost, where possible, to the identifiable tangible and intangible assets, with the remainder recorded as goodwill.
11. Internally generated goodwill should not be capitalized in the accounts.
12. Internally generated goodwill associated with a business may be recorded as an asset when a firm offer to purchase that business unit has been received.
13. All intangibles are subject to periodic consideration of impairment with corresponding potential write-downs.
14. If the fair value of an unlimited life intangible other than goodwill is less than its book value, an impairment loss must be…...

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