Homework Answers
Anwer for the false statement in the above question is -
The service life of an intangible asset is always equal to its legal life.
Explanation -
1. Intangible assets with a limited useful life are amortized - True - These assets are amortised as per the useful life. After useful life their value become NIL.
2. The service life of an intangible asset is always equal to its legal life. - False (The useful life of intangible assets is the duration it contributes to your business's value)
3. The expected residual value of most intangible assets is zero. - True - Residual value of the intangible assets is always zero. as the intangible assets has not physical identity.
4. Goodwill is the most common intangible asset with an indefinite useful life. - True - Goodwill is the most common intangible assets which available in the balance sheet of the company. Also that has indefinate useful life.
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