15 Long-lived tangible assets that are used in the operation of the business are called: A)intangible assets. B)natural resources. C)PPE. D)goodwill.
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- From page 7-2 of the VLN, intangible assets are long term assets and would NOT include: Group of answer choices A. Goodwill B. Natural gas C. Patents D. CopyrightsWhat amount should be recorded as initial measurement of the right of use asset? **see attached pica. 5,600,000b. 4,088,000c. 3,912,000d. 3,288,000Listed 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.
- Indicate whether each of the following statements is true or false. a) Long-term assets having no physical substance are called intangible assets. b) Trademarks are examples of an intangible asset. c) Natural resources are examples of tangible long-term assets. d) The reason that land is classified separately from other tangible assets is because the cost is normally much higher. e) Goodwill is classified as Plant, Property and Equipment.Which 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 list23Which of the following is NOT an intangible asset? A)Copyright B. Goodwill C) Patent D) Mineral rright 24The cost of installing shrubbery should be recorded as: A)land. B)land improvements. C)land maintenance expense. D)land improvement expense. 25Although located on the land, they are subject to decay and their cost is depreciated. This is the definition of: A)land improvement. B)plant and equipment. C)a building. D)land.
- 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.Which statement on property, plant and equipment (PPE) is true? * a. PPE items may include assets lacking physical substance b. Assets held for sale shall be classified as PPE while unsold c. As long as an item of PPE provides benefit, regardless of measurability of its cost, it shall be recognized in the books d. When the amount is immaterial, an item may be expensed outright rather than capitalized as PPE e. none of the above7 Which of the following costs may be capitalized? a. Cost of internally generated goodwill, b. Cost of internally generated mastheads c. Cost of improving an externally purchased goodwill d. Cost of customer list acquired externally 8. Subsequent expenditures on intangible assets are a. expensed immediately. b. capitalized only to extent that the litigation is successful. c. expensed unless they meet the recognition criteria for intangible assets. d. a or b as a matter of accounting policy choice.
- Tangible assets that are arrached to natural resources are depreciated over a. The life of the natural resource b. The shorter of the tangible asset's life or the natural resource's life c. The life of the tangible asset d. The longer of the tangible asset's life or the natural resource's lifeWhich of the following statements about intangible assets are correct? 1 If certain criteria are met, research expenditure must be recognised as an intangible asset. 2 The notes to the financial statements should disclose the gross carrying amount and the accumulated amortisation at the beginning and the end of the period for each class of intangible asset. 3 Intangible assets must be amortised over their useful life. A 2 and 3 only B 1 and 3 only C 1 and 2 only D All three statements are correct.When intangible assets are self-generated, costs incurred in 3. the development phase are capitalized. b. capitalized only to extent of the limits provided under the standards. a. expensed or capitalized, as a matter of accounting policy choice and professional judgment. d. expensed immediately, unless they meet all of the conditions for capitalization under PAS 38 Intangible assets. С. A Identify the type of the following costs: These include costs of searching new knowledge and identifying and selecting possible alternatives. These include costs of designing from selected alternative and using knowledge gained from research. a. Research costs, Development costs b. Development costs, Research costs c. R&D, Intangible asset costs I. II.
