Which of the Following Statements Is Correct with Respect to Intangible

question 37

Multiple Choice

Which of the following statements is correct with respect to intangible assets?

• A) Internally generated publishing titles may be revalued if fair value is determined by reference to an active market.
• B) Purchased goodwill should be amortised over a period of 20 years.
• C) Internally generated brands are not recognised as intangible assets because expenditures in these assets are not distinguishable from the cost of developing the business as a whole.
• D) Internally generated brands are recognised as intangible assets because expenditures in these assets are not distinguishable from the cost of developing the business as a whole.

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Definitions:

Income Tax

A tax that governments impose on income generated by businesses and individuals within their jurisdiction, based on the income or profit earned.

Child Tax Credit

A tax benefit offered to taxpayers for each qualifying dependent child, aimed at reducing their tax liability.

Capitalist Economic System

An economic system where the means of production and distribution are privately or corporately owned and the operation is fueled by profit motive.

Structural Explanation

An approach in social science that explains phenomena in terms of the underlying social structures, such as economic, political, or legal systems.