Intangible Assets Are Defined by the GASB as Capital Assets

question 35

True/False

Intangible assets are defined by the GASB as capital assets that lack physical substance, have a useful life of more than one reporting period, and are nonfinancial in nature.

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Definitions:

Goldwater-Nichols Act

A significant restructuring of the United States military's chain of command, passed in 1986 to improve military effectiveness and interoperability.

Ethical Decision Making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.

Stakeholders

Individuals or groups that have an interest or stake in the outcome of a project, decision, or endeavor.

Maximum Profit

The highest achievable profit under given market conditions, considering all costs and revenue.