The Accounting Life of Intangible Assets Is Determined by

question 95

Multiple Choice

The accounting life of intangible assets is determined by

• A)Their legal lives.
• B)Their useful lives.
• C)Their legal lives or useful lives,whichever is shorter.
• D)The tax life mandated by the IRS.

---

Definitions:

Final Statement

A conclusive written summary or account that details the final positions or outcomes of a particular event, process, or financial period.

Admit Evidence

The process by which a court agrees to consider certain facts or documents as part of the information used to make a legal decision.

Contradictory

Describes statements, beliefs, or ideas that are directly opposed to each other and cannot be true at the same time.

Parol Evidence

Evidence outside of a written contract which is not admissible to alter, contradict, or add to the terms of the written agreement.