Current Accounting Standards Indicate That the Costs of Intangible Assets

question 105

Multiple Choice

Current accounting standards indicate that the costs of intangible assets with an indefinite life, such as goodwill, should

• A)not be amortized, but should be reviewed annually for impairment.
• B)be reported on the statement of retained earnings in the year in which acquired.
• C)be amortized over a reasonable period of time not to exceed 40 years.
• D)be debited to an expense account entirely in the year in which acquired.

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Definitions:

Communication Skills

The ability to convey information to others effectively and efficiently, including listening, speaking, writing, and non-verbal communication.

Clients

Individuals or entities that seek and utilize the professional services or advice of another person or organization.

Dialectical Behavior Therapy

A comprehensive cognitive-behavioral treatment that emphasizes individual psychotherapy and group skills training classes to help people learn and use new skills and strategies to develop a life that they experience as worth living.

Cognitive Tactics

Strategies or methods employed by an individual to solve problems, make decisions, or process information.