With Respect to Identifiable Intangible Assets Other Than Goodwill, Which

question 69

Multiple Choice

With respect to identifiable intangible assets other than goodwill, which of the following is true?

• A) If the value of the identified asset meets a de minimis exception, the entity may elect to treat it as goodwill.
• B) An identifiable intangible asset with an indefinite useful life must be assessed for impairment once every three years.
• C) If the average fair value of the asset is less than the average carrying amount of the asset with respect to, and determined for, the preceding three-year period, the asset is considered impaired and the entity may recognize a loss.
• D) A quantitative evaluation of value is required each year regardless of circumstances.
• E) If a qualitative assessment of the asset performed by an entity indicates impairment is likely, a quantitative assessment must be performed to determine whether there has been a loss in fair value.

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Definitions:

Budget Surpluses

Occurs when a government's revenues exceed its expenditures during a fiscal period, leading to extra funds.

Budget Deficits

A financial situation where expenditures exceed revenue.

Federal Budget

An annual financial statement presenting the government's proposed revenues and spending for a fiscal year.

Crowds Out

Refers to the effect where increased government spending and borrowing reduce private investment in the markets.