Which of the Following Statements About Intangible Assets Is INCORRECT

question 89

Multiple Choice

Which of the following statements about intangible assets is INCORRECT?

• A) They are capital assets that have no physical substance.
• B) Intangibles with finite lives are amortized but not tested for impairment.
• C) Intangibles with indefinite lives are not amortized but are tested for impairment.
• D) Internally recognized intangibles are never recognized on the statement of financial position.

---

Definitions:

Purchase Situations

Different scenarios and conditions under which buying decisions are made, influenced by factors like urgency, availability, and socio-economic context.

College Students

Individuals enrolled in institutions of higher education pursuing undergraduate, postgraduate, or professional studies.

Routine Problem Solving

A straightforward process used for addressing problems that occur regularly and have established and predictable solutions.

Apartment Building

A multi-unit housing structure where individuals or families reside in separate compartments but share common areas.