Which of the Following Statements Concerning Intangibles Is True

question 60

Multiple Choice

Which of the following statements concerning intangibles is true?

• A)A copyright should be considered an intangible with an indefinite life.
• B)Organization costs must be expensed as incurred.
• C)A patent should be amortized over the shorter of the inventor's life or its economic life.
• D)The registration of a trademark or trade name lasts for 20 years and is nonrenewable.

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Definitions:

Administrative Rules

Regulations issued by government agencies to carry out the intent of legislation.

Common Law

A legal system based on court decisions and precedents rather than statutory laws.

Public Offering

The process of a company selling its shares to the public for the first time, also known as an initial public offering (IPO).

Non-Charitable Organizations

Organizations that do not qualify as charitable due to not fulfilling the specific criteria related to public benefit.