Laws Refer to

question 55

Multiple Choice

Laws refer to

• A) a specific set of behaviors a given society considers to be ethical.
• B) society's values and standards that are enforceable in the courts.
• C) the agreed upon codes of behavior for a given nation, community, religious group, or family.
• D) written documentation of a prescribed set of attitudes, beliefs, and values.
• E) a code of ethics that defines what may be done in specific business circumstances.

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Definitions:

Intangibles

Non-physical assets possessed by a business, such as patents, trademarks, and copyrights, which have value due to the rights or information they convey.

Indefinite Lives

An accounting classification for intangible assets that are not amortized because their economic benefits are expected to be realized over an unlimited or indeterminate period of time.

Internally Developed Goodwill

The unrecorded goodwill an organization develops internally through activities like brand name development, customer relations, and intellectual property, not reflected on the balance sheet because it is not acquired.

Capitalized

Refers to costs that are recorded as an asset on the balance sheet instead of being expensed immediately, in anticipation of future benefit.