ACC 304 Week 11 Final Exam TRUE-FALSE—Conceptual

Jul 21st, 2016
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1. Intangible assets derive their value from the right (claim) to receive cash in the future. True False 2. Internally created intangibles are recorded at cost. True False 3. Internally generated intangible assets are initially recorded at fair value. True False 4. Amortization of limited-life intangible assets should not be impacted by expected residual values. True False 5. Some intangible assets are not required to be amortized every year. True False 6. Limited-life intangibles are amortized by systematic charges to expense over their useful life. True False 7. The cost of acquiring a customer list from another company is recorded as an intangible asset. True False 8. The cost of purchased patents should be amortized over the remaining legal life of the patent. True False 9. If a new patent is acquired through modification of an existing patent, the remaining book value of the original patent may be amortized over the life

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ACC 304 Week 11 Final ExamTRUE-FALSEConceptual1.Intangible assets derive their value from the right (claim) to receive cash in the future.TrueFalse2.Internally created intangibles are recorded at cost.TrueFalse3.Internally generated intangible assets are initially recorded at fair value.TrueFalse4.Amortization of limited-life intangible assets should not be impacted by expected residualvalues.TrueFalse5.Some intangible assets are not required to be amortized every year.TrueFalse6.Limited-life intangibles are amortized by systematic charges to expense over their usefullife.TrueFalse7.The cost of acquiring a customer list from another company is recorded as an intangibleasset.TrueFalse8.The cost of purchased patents should be amortized over the remaining legal life of thepatent.TrueFalse9.If a new patent is acquired through modification of an existing patent, the remaining bookvalue of the original patent may be amortized over the life of the new patent.TrueFalse10.In a business combination, a company assigns the cost, where possible, to the identifiabletangible and intangible assets, with the remainder recorded as goodwill.TrueFalse11.Internally generated goodwill should not be capitalized in the accounts.TrueFalse12.Internally generated goodwill associated with a business may be recorded as an asset whena firm offer to purchase that business unit has been received.TrueFalse13.All intangib

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