Which of the Following Assets Is Not Considered to Have

question 98

Multiple Choice

Which of the following assets is not considered to have an indefinite useful life?

• A) copyright
• B) goodwill
• C) renewable franchise
• D) trademark

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Definitions:

Gain Or Loss

A financial result that indicates the difference between the sale price of an asset and its original purchase price.

Functional Currency

The primary currency of the main economic environment in which an entity operates.

Asset And Liability Account Balances

The respective values of a company's current and non-current assets, and its current and long-term liabilities at a point in time.

Local Currency

Refers to the legal tender or official currency that is used within a country's borders.