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.

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Definitions:

Nonverbal Cues

Communications expressed through body language, facial expressions, and other physical behaviors rather than words.

Proper Eye Contact

The act of making visual connection with another individual's eyes in a manner that is deemed socially and culturally appropriate.

Social Decentering

is the cognitive process by which an individual takes into consideration the thoughts, feelings, and perspectives of others, often leading to more empathetic and effective interpersonal interactions.

Distracted Sounds

Background noises or interruptions that can detract from the focus on the primary task or communication.