Specifically Identifiable Intangible Assets Acquired from Others May Have Either

question 48

Short Answer

Specifically identifiable intangible assets acquired from others may have either a ____________________ useful life or an ____________________ useful life.

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Definitions:

Going Concern

An accounting principle where it's assumed that a company will continue in business for the foreseeable future without the need to cease operations or liquidate assets.

Pledged Assets

Assets that are pledged as security or collateral for a loan or obligation, ensuring the lender has a claim to the asset in case of default.

Accounts Payable

Short-term obligations or debts a company owes to its suppliers or creditors.

Note Payable

A written promise to pay a specific amount of money, often bearing interest, at a future date or on demand.