False
Estimated useful life for fixed assets is generally easier than the intangible assets. So the statement is false
The expected useful life of an intangible asset is generally easier to estimate than the expected...
Question 25 An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2007, for $540,000. On January 1, 2017, a review was made of intangible assets and their expected service lives, and it was determined that this asset had an estimated useful life of 30 more years from the date of the review. What is the amount of amortization for this intangible in 2017? Amount of amortization
If an asset is sold before the end of its useful life for more than its salvage value, the difference between the two amounts is defined as capital gain for tax accounting. True or False?
the useful life of a plant asset is the length of the ser 32 of 49 (26 complete) The useful life of a plant asset is the length of the service period expected from the asset O True O False Click to select your answer E e Type here to search
Which of the following statements is false regarding the amortization of intangible assets? Multiple Choice Intangible assets with a limited useful life are amortized. The service life of an intangible asset is always equal to its legal life. The expected residual value of most intangible assets is zero. Goodwill is the most common intangible asset with an indefinite useful life.
Factors considered in determining an intangible asset's useful life include all of the following except A. the amortization method used. B. any provisions for renewal or extension of the asset's legal life. C. the expected use of the asset. D. any legal or contractual provisions that may limit the useful life.
Intangible assets that have an indefinite useful life: Multiple Choice Are those with no foreseeable limit on the period of time over which the asset is expected to contribute to the cash flows of the entity. Are those with no legal, contractual, or economic factors that are expected to limit their useful life to a company. Are those whose acquisition costs are not amortized over their useful life. All of these answer choices are correct.
On May 10, 2015, Substantial Corporation spent $210,000 on a limited-life intangible asset. Its useful lifetime is 10 years. How much in total amortization expense should be recorded on the intangible asset by December 31, 2017? $ -0- $42,000 $56,000 $63,000
Johan Co. has an intangible asset, which it estimates will have a useful life of 10 years, while Abco Co. has goodwill, which has an indefinite life. Which company should report amortization in its financial statements? Johan Abco Yes Yes Yes No No Yes No No
Economic service life is the entire useful life of an asset that results in the minimum annual equivalent cost. a. True b. False
11 Chapter 11 & 12 HelpSave & Exit Intangible assets that have an indefinite useful life: Multiple Choice 00:34:05 0 ) Are those with no foreseeable on the period of time over which the asset is expected to contribute to the cash flows of the entity 0 ) All of these answer choices are correct. 0 ) Are those whose acquisition costs are not amortized over their useful life. 0 Are those with no legal contractual or economic factors that...