With Respect to Identifiable Intangible Assets Other Than Goodwill, Which

question 69

Multiple Choice

With respect to identifiable intangible assets other than goodwill, which of the following is true?

• A) If the value of the identified asset meets a de minimis exception, the entity may elect to treat it as goodwill.
• B) An identifiable intangible asset with an indefinite useful life must be assessed for impairment once every three years.
• C) If the average fair value of the asset is less than the average carrying amount of the asset with respect to, and determined for, the preceding three-year period, the asset is considered impaired and the entity may recognize a loss.
• D) A quantitative evaluation of value is required each year regardless of circumstances.
• E) If a qualitative assessment of the asset performed by an entity indicates impairment is likely, a quantitative assessment must be performed to determine whether there has been a loss in fair value.

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Definitions:

Id, Ego, Superego

Components of the human psyche according to Freudian theory, representing instinctual drives, realistic mediation, and moral standards, respectively.

Controlled Laboratory Conditions

Experimental settings in which variables are carefully managed and manipulated to eliminate external influences, allowing researchers to isolate cause and effect relationships.

Biases

Prejudices or predispositions towards or against something or someone, often in an unfair manner.

Personality Dimensions

Broad categories used to describe and quantify individual differences in personality traits.