Intangible Assets Are Not Depreciated Under AASB 116

question 33

Multiple Choice

Intangible assets are not depreciated under AASB 116:

• A) Because they do not have a finite life.
• B) They are now amortised under AAS 138, which provides specific guidance on intangibles.
• C) Intangible assets only appreciate and so cannot be depreciated.
• D) Intangibles are not physical assets and so are not subject to wear and tear.
• E) All of the given answers.

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Definitions:

Intracellular

Located or occurring within a cell or cells, referring to processes, reactions, or components found inside cells.

Extracellular Ions

Ions located outside the cell, in the extracellular fluid, playing key roles in various physiological processes, including the transmission of nerve impulses.

Channels

Pathways through which messages or information are communicated or transferred from one end to another, also referring to structures that allow the passage of ions across cell membranes in biology.

Cell Membrane

The lipid bilayer that encloses a cell, controlling the passage of substances in and out, thus maintaining the cell's integrity and environment.