Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 5, Problem 17.15EP
To determine
Identify the items included under intangible assets as per GASB.
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Which of the following includes only intangible assets?
Group of answer choices
A)Natural resources, patents, and trademarks.
B)Research and development costs, franchises, and trademarks.
C)Copyrights, licenses, and land.
D)Leaseholds, patents and copyrights.
Write the definition, recognition, measurement and derecognition if any provided for the following:
Intangible assets
Impairment of assets
Investment property
Agriculture
Borrowing cost
Government grant
Identify the following as intangible assets (IA), natural resources (NR), or some other asset (O). Leasehold
Chapter 5 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 5 - What are general capital assets? How are they...Ch. 5 - Explain what disclosures the GASB requires for...Ch. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What is the accounting difference between using...Ch. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - What is a service concession arrangement, and why...
Ch. 5 - Prob. 13CCh. 5 - Prob. 14CCh. 5 - Prob. 15CCh. 5 - Under GASB standards, which of the following would...Ch. 5 - Two new copiers were purchased for use by the city...Ch. 5 - Maxim County just completed construction of a new...Ch. 5 - A capital projects fund would probably not be used...Ch. 5 - Machinery and equipment depreciation expense for...Ch. 5 - Prob. 17.6EPCh. 5 - Prob. 17.7EPCh. 5 - Callaway County issued 10,000,000 in bonds at 101...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Prob. 17.11EPCh. 5 - Prob. 17.12EPCh. 5 - Prob. 17.13EPCh. 5 - Arbitrage rules under the Internal Revenue Code a....Ch. 5 - Prob. 17.15EPCh. 5 - Make all necessary entries in the appropriate...Ch. 5 - Prob. 19EPCh. 5 - Prob. 20EPCh. 5 - In the current year, the building occupied by...Ch. 5 - Prob. 22EPCh. 5 - Make all necessary entries in a capital projects...Ch. 5 - The year-end pre-closing trial balance for the...Ch. 5 - Prob. 25EPCh. 5 - This year Riverside began work on an outdoor...
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- 15) Which of the following costs should always be expensed as incurred? A) the costs of externally acquired identifiable intangible assets B) the costs incurred directly associated with establishing and successfully defending the rights associated with internally developed identifiable intangible assets C) the costs of internally developed unidentifiable intangible assets D) the costs of externally acquired unidentifiable intangible assetsarrow_forwardThe purpose of IAS 38 Intangible Assets is to prescribe the recognition and measurement criteria for intangible assets that are not covered by other standards. This Standard shall be applied in accounting for intangible assets, except: a.Licensing and royalty agreements b.Internet domain names c.Expenditure on the development and extraction of minerals, oil, natural gas, and similar non-regenerative resources d.Newspaper mastheadsarrow_forwardWhich one of the following internally-generated items may be eligible for capitalization as intangible assets in accordance with IAS 38 Intangible Assets? (Ignore business combinations.) Select one: a. Goodwill b. A pre-production prototype c. The cost of researching new material d. A customer listarrow_forward
- For each of the statements below, state the types of intangible assets that best suit them. (i) A sign which distinguishes the goods and services of one entity from those of another.(ii) A form of protection provided by the law to authors of original creative works, including literary works, musical works, artistic works, films, sound recordings, and broadcasts.(iii) The application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use.(iv) A method of marketing and distributing products and services based on a two-party contract.(v) An exclusive right granted for an invention, which is a product or a process that provides a new way of doing something or offers a new technical solution to a problem.(vi) A license is required in order to use properties or rights owned by other entities, such as broadcasting licenses for…arrow_forwardAccess the Codification glossary (“Master Glossary”) to answer the following. a. What is the definition provided for an intangible asset? b. What is the definition of goodwill? c. What is the definition of research and development (R&D)? d. What is a development stage entity?arrow_forwardListed below are several terms and phrases associated with operational assets. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it. List A List B _____ 1. Depreciation _____ 2. Goodwill _____ 3. Amortization _____ 4. Natural resources _____ 5. Intangible assets _____ 6. Copyright _____ 7. Trademark a. Exclusive right to display a word, a symbol, or anemblem.b. Exclusive right to benefit from a creative work.c. Assets that represent contractual rights.d. Oil and gas deposits, timber tracts, and mineraldeposits.e. Purchase price less fair value of net identifiableassets.f. The allocation of cost for plant and equipment.g. The allocation of cost for intangible assets.arrow_forward
- Under GASB Statement No. 34, which of the following is true of infrastructure?a. Infrastructure must be recorded and depreciated unless a modified approach is used, in which case, depreciation is not required.b. Infrastructure must be recorded and depreciated in all cases.c. Infrastructure is not to be recorded and depreciated.d. The state and local governments have the option, but are not required, to record and depreciate infrastructure.arrow_forwardIdentify the following as intangible assets (IA), natural resources (NR), or some other asset (O). Trademarkarrow_forwardAll of the following are key similarities between GAAP and IFRS with respect to accounting for intangible assets except: a. for accounting purposes, costs associated with research and development activities are segregated into the two components. b. the accounting for intangibles acquired in a business combination. c. recovery of impairments on intangibles other than goodwill. d. the accounting for impairments of assets held for disposal.arrow_forward
- What general procedures are applied in accounting for the acquisition and potential cost allocation of intangible assets?arrow_forwardIncluded in the requirements for an intangible asset arising from development (or from the development phase of an internal project) to be recognized, are the following except: multiple choice the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset the technical feasibility of completing the intangible asset so that it will be available for use or sale the legal right to deter others from using the intangible asset its ability to use or sell the intangible assetarrow_forwardBriefly summarize the accounting treatment for intangible assets, explaining the difference between purchased and internally developed intangible assets.arrow_forward
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