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Intermediate Accounting
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Intermediate Accounting
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BUS 475 EXAM 1 LATEST ACTUAL EXAM
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Intermediate Accounting
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Intermediate Accounting
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TEST BANK and SOLUTION MANUAL for IntermediateAccounting, 3rd Edition by Gordon, Raedy & Sannella
Which of the following does not describe intangible assets?
They lack physical existence.
They are financial instruments.
They provide long-term benefits.
They are classified as long-term assets. - ANSWER: They are financial instruments.
Which of the following characteristics do intangible assets possess?
Physical existence.
Claim to a specific amount of cash in the future.
Long-lived.
Held for resale. - ANSWER: Long-lived.
Which characteristic is not possessed by intangible assets?
Physical existence.
Short-lived.
Result in future benefits.
Expensed over current and/or future years. - ANSWER: Physical existence.
Costs incurred internally to create intangibles are
capitalized.
capitalized if they have an indefinite life.
expensed as incurred.
, expensed only if they have a limited life. - ANSWER: expensed as incurred.
Which of the following costs incurred internally to create an intangible asset is
generally expensed?
Research and development costs.
Filing costs.
Legal costs.
All of the above. - ANSWER: Research and development costs.
Which of the following methods of amortization is normally used for intangible
assets?
Sum-of-the-years'-digits
Straight-line
Units of production
Double-declining-balance - ANSWER: Straight-line
The cost of an intangible asset includes all of the following except
purchase price.
legal fees.
other incidental expenses.
all of these are included. - ANSWER: all of these are included.
Factors considered in determining an intangible asset's useful life include all of the
following except
the expected use of the asset.
any legal or contractual provisions that may limit the useful life.
any provisions for renewal or extension of the asset's legal life.
the amortization method used. - ANSWER: the amortization method used.
Under current accounting practice, intangible assets are classified as
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