Which of the Following Is NOT a Factor to Be

question 24

Multiple Choice

Which of the following is NOT a factor to be considered in determining a limited-life intangible asset's useful life?

• A) the expected useful life of any related asset
• B) the effects of obsolescence
• C) all of these are correct
• D) any legal provisions that may limit the useful life

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Definitions:

Revenue Account

An account that records sales, services, or other income earned by a business.

Asset Account

Accounts on a balance sheet that represent the resources owned by a company, which are expected to provide future economic benefits.

Liabilities

Financial obligations of a business, including debts and other amounts owed to creditors.

Accounts Receivable

An asset account on the balance sheet that represents money owed to a company by customers for goods or services that have been delivered or used but not yet paid for.