Which of the Following Statements Regarding AASB 138 Is Incorrect

question 23

Multiple Choice

Which of the following statements regarding AASB 138 is incorrect?

• A)intangible assets with a finite useful life must be amortised over the asset's useful life
• B)the useful life of an intangible asset may be influenced by both economic and legal factors
• C)the residual values of intangible asset having a finite useful life are always assumed to be greater than zero
• D)for an intangible asset that arises from contractual or other legal rights,its useful life cannot exceed the period of those rights

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Definitions:

Voter Turnout

The percentage of eligible voters who participate in elections, an important measure of democratic engagement and political participation.

Union Democracy

The practice and principles of democratic governance within labor unions, including elections for leadership and decision-making processes that involve the membership.

Competition

Competition refers to the rivalry between businesses or individuals for market share, customers, or resources, driving innovation and efficiency in a market economy.

Democracy

A form of governance where authority is granted to the populace, who govern either directly or via representatives chosen through fair elections.