USGAAP and IFRS Distinguish Three Categories of Long-Lived Assets for Purposes

question 75

Multiple Choice

U.S.GAAP and IFRS distinguish three categories of long-lived assets for purposes of measuring and recognizing impairment losses.The first category addresses long-lived assets except intangible assets not subject to amortization and goodwill. This category does not include:

• A)property, plant, and equipment.
• B)patents.
• C)franchise rights.
• D)land.
• E)brand names and trademarks.