Intangibles have either a limited useful life or an indefiniteuseful life. How should these two different types ofintangibles be amortized?

Which of the following intangible assets should not be amortized? a. Copyrights b. Customer lists c. Perpetual franchises d. All of these intangible assets should be amortized.

Describe why allow the fair value option for financial assets and liabilities and not for buildings or land?

Which of the following statements is correct?   Question 1 options: a Some intangible assets have physical substance b Intangible assets are always classified as noncurrent assets even in cases where they are part of a disposal group. c The process of recording the expiration of the economic benefits of an intangible asset is called depletion. d Intangible assets can be obtained in one of two ways – external acquisition or internal development