Which of the Following Statements Is Correct

question 47

Multiple Choice

Which of the following statements is correct?

• A)Amortization of intangible assets is always recorded in a contra asset account.
• B)Items in a company's inventory that are not expected to be sold in the next year are considered long-lived assets.
• C)All long-lived intangible assets must be amortized over a period of 40 years or less.
• D)Intangible assets with unlimited or indefinite lives are not amortized.

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Definitions:

U.S. Marine Corps.

A branch of the United States Armed Forces responsible for providing power projection, using the mobility of the U.S. Navy to rapidly deliver combined-arms task forces.

Distributor

A type of reseller or marketing intermediary that resells manufactured products without significantly altering their form. Distributors often buy from manufacturers and sell to other businesses like retailers in a B2B transaction.

Supermarkets

Large retail stores offering a wide variety of food and household products, organized into aisles.

Straight Rebuy Order

A routine purchase transaction in which a business reorders a product without any modifications to the specifications or terms.