When an Intangible Asset Has a Finite Life,it Is Reported

question 68

Short Answer

When an intangible asset has a finite life,it is reported on the balance sheet at original cost with no ____________ taken.

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Definitions:

Decertification Election

A formal process through which employees can vote to remove a union as their representative.

Closed-shop Agreement

A labor agreement requiring workers to be members of a union as a condition of employment, primarily used prior to being outlawed in the United States by the Taft-Hartley Act.

Taft-Hartley Act

A law enacted by the federal government in 1947 within the United States, aimed at constraining the operations and capabilities of labor unions.

Closed-shop Agreements

Closed-shop agreements are labor contracts requiring employers to hire only union members, typically to ensure worker unity in negotiations and workplace standards, though they are restricted or illegal in some jurisdictions.