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Intangibles with finite lives that can be measured are amortized.

01 / 10 / 2021 Assignment

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Intangibles with finite lives that can be
measured are amortized.

7.6-3 Amortization is usually computed on a
units-of-production basis.

7.6-4 Goodwill is recognized only when the purchase price exceeds
the value of the net liabilities in the acquisition of another company.

7.6-5 Goodwill may arise when the purchaser buys another company
that has higher than normal earning power.

7.6-6 A trademark may have an indefinite life and,
therefore, not be amortized.


7.6-7 Research and
development costs are expensed over their useful or legal life.

7.6-8 If at the end of the year, goodwill is worth more than at
the beginning of the year, then an entry must be made to increase the goodwill.

7.6-9 Amortization is most closely associated with
which asset?

A) Copyright

B) Building

C) Natural
gas lease

D) All of the

7.6-10 Which of the following statements regarding
intangible assets is NOT true?

A) Intangible
assets are long-lived assets with no physical form.

B) Intangible
assets are recorded at their acquisition cost.

C) Intangible
assets with a finite life are not amortized.

D) Intangible
assets with an indefinite life are not amortized.


7.6-11 Amortization

A) is the
title of the expense associated with natural resources.

B) is
recorded for intangible assets with a finite life.

C) is
recorded for assets with an indefinite life.

cannot be credited directly to the asset account

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