What is the nature of the recoverability test for indefinite-life intangible assets? Group of answer choices There is no recoverability test for indefinite-life intangible assets. Is the carrying value of the asset greater than the sum of future discounted cash flows generated by the asset? Is the carrying value of the asset greater than the fair value of the asset? Is the carrying value of the asset greater than the sum of undiscounted future cash flows generated by the asset?

Once an asset has been determined to be impaired, the amount of impairment is measured as: The asset's cost minus the fair value The asset's future cash inflows minus the book value The asset's book value minus the fair value The asset's cost minus the book value

TRUE OR FALSE Amortization of intangibles is usually done over the asset’s legal life.

Which of the following is not a capital expenditure decision Select one: a. Improvement in fixed asset b. Purchase of goodwill c. None of the options d. Replacement in fixed asset e. R&D Expenditure

Which of the following statements is FALSE? Some intangible assets are not required to be amortized. Research and development expenditures are expensed as incurred because of the uncertainty regarding their future cash flows. Amortization expense is generally recorded with a credit to the Accumulated Amortization account. Internally generated goodwill is not capitalized in the accounts.

What is the difference between the cost of a fixed asset and its accumulated depreciation called? Group of answer choices book value current value fixed value equity value

Pre-Lecture Question 01 Which of the following is a characteristic of intangible assets?   1 They are all subject to amortization. 2 They are long-term in nature. 3 They are financial instruments. 4 They have physical existence.