Intangible Assets Are the Rights and Privileges That Result from Ownership

question 131

Multiple Choice

Intangible assets are the rights and privileges that result from ownership of long-lived assets that

• A)must be generated internally.
• B)are depreciated over their useful life.
• C)have been exchanged at a gain.
• D)do not have physical substance.

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Definitions:

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that sets general rules for international sales of goods.

English Common Law

A legal system originating in England, characterized by the doctrine of judicial precedent, where past court decisions guide future rulings.

Rubbermaid Corp.

A manufacturer specializing in household and commercial products, known for its innovative and durable plastic goods.

UCC

The Uniform Commercial Code governs sales contracts, negotiable instruments, bank deposits, and other commercial transactions in the U.S., aiming to standardize laws across states.