Customs and Practices of the Business That Are Known by People

question 34

Multiple Choice

Customs and practices of the business that are known by people in the business and that are usually assumed by parties to a contract for goods of that type are known as ________.

• A)usage of trade
• B)warranties
• C)courses of action
• D)fair norms

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Definitions:

AASB 138

An Australian Accounting Standard Board rule that outlines the accounting requirements for intangible assets not covered by other specific standards.

Finite Useful Lives

refers to the expected period over which an asset is anticipated to be economically beneficial to an entity, after which it is likely to be considered obsolete or worn out.

AASB 138

An Australian Accounting Standard that outlines the accounting treatment for intangible assets not covered by another Standard.

Intangibles

Non-physical assets owned by a firm that can include patents, trademarks, copyrights, and goodwill.