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.

---

Definitions:

Phallic

Relating to the third stage of psychosexual development in Freud's theory, focusing on pleasure from the genital area.

Latency

The fourth stage in Freud’s psychosexual stages, occurring during the school years, in which the sexual feelings of the child are repressed while the child develops in other ways.

Psychosexual Stages

A Freudian theory that developmental stages beginning in childhood are focused on erogenous zones; failure to properly navigate these stages can affect adult personality.

Oral Stage

The first psychosexual development stage according to Freud, where the mouth is the primary focus of pleasure and exploration.