An Intangible Asset May Be Recorded

question 35

Multiple Choice

An intangible asset may be recorded:

• A) if acquired from an external party at a cost.
• B) if it is internally generated and fits the definition of an asset and meets the associated recognition criteria.
• C) at a value other than cost if that value more reliably records the worth of the intangible asset.
• D) at the cost of the asset, which must exclude any additional expenditure required to prepare the asset for use.

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Definitions:

Skin Graft

A surgical procedure where healthy skin is transplanted to a damaged area of the body.

Blister

A small pocket of body fluid that forms in the upper layers of the skin, usually in response to rubbing, burning, or freezing.

Ecchymosis

A change in skin color due to blood leaking beneath it, usually resulting from a bruise.

Bulla

A large blister or fluid-filled vesicle on the skin, or a rounded cavity or space in bone or other anatomical structures.