If an Acquired Franchise or License Has an Indefinite Life

question 36

True/False

If an acquired franchise or license has an indefinite life, the cost of the asset is not amortized.

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Definitions:

Accountant Must Use

This implies that there are certain tools, software, or practices that an accountant is required to utilize in their work.

QuickBooks

An accounting software program used by businesses for managing sales, expenses, payroll, and inventory.

Issued New

Typically refers to the process of distributing newly created shares, bonds, or other financial instruments by a company.

QuickBooks Online

A cloud-based accounting software designed for small and medium-sized businesses to manage invoices, payroll, and other aspects of their finances online.