As Defined by IAS 38, How Are Intangible Assets Unlike

question 35

Multiple Choice

As defined by IAS 38, how are intangible assets unlike other assets?

• A) They must have arisen from past events.
• B) Their value cannot be reasonably measured.
• C) They must be controlled by enterprises.
• D) They are nonmonetary and lack physical substance.

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Definitions:

Universal Specification

A set of guidelines or criteria designed to be applicable across a wide range of products, services, or industries.

Capital Assets

Long-term assets acquired or owned by a business or corporation that are used in the production of goods or services and are not expected to be consumed or converted into cash within a year.

Organization Operations

The day-to-day activities and tasks that a company or organization undertakes to accomplish its business goals and objectives.

Specification

A detailed description of the design, materials, quality, and performance standards that a product, service, or process must meet.