Characteristics of intangible assets include all of the following except: Lack physical substance Expected to generate revenues in the future All have an indefinite useful life Expected to generate revenue for more than one year
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Characteristics of intangible assets include all of the following except:
- Lack physical substance
- Expected to generate revenues in the future
- All have an indefinite useful life
- Expected to generate revenue for more than one year
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- Which of the following characteristics is not common to both tangible and intangible assets? a. held for use and not for investmentb. expected life of more than one yearc. derive value from the ability to generate revenued. may have value only to a particular companyWhich of the following methods is used to amortize intangible assets over their useful lives? a. a declining balance methodb. straight linec. annual review for impairmentd. intangible assets are not amortizedIndicate whether each of the following statements is true or false. Depreciation, depletion, and amortization all involve the allocation of the cost of property, plant and equipment (PPE) to expense. Answer An accelerated depreciation method is appropriate when the asset’s economic usefulness is the same each year Answer The declining-balance method does not deduct the residual value in computing the depreciation base. Answer
- T, F. Intangible assets differ from property, plant and equipment assets because they lack physical substance. T, F. The sum-of-years digits method is the only depreciation method that does not consider salvage value at the beginning of depreciation computation. T, F. The amount of depreciation expense for the first full year of use of a fixed asset costing $65,000, with an estimated residual value of $5,000 and a useful life of 5 years, is $20,000 by using the sum-of-years-digits method. T, F. The cost of a patent with a remaining legal life of 10 years and estimated useful life of 7 years is amortized over 10 years. T, F. Costs associated with normal research and development activities should be treated as intangible asset when they result in patentable products. T, F. Legal fees to defend a patent are expensed in the period incurred.Property, Plant and Equipment We review long-lived assets for impairment when circumstances indicate the carrying amount of an asset may not be recoverable based on the undiscounted future cash flows. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market values, discounted cash flows, or external appraisals, as appropriate. Dollars in Millions Cost of property and equipment (beginning of year) $ 54,644 Cost of property and equipment (end of year) 59,766 Capital expenditures during the year 6,510 Accumulated depreciation (beginning of year) 28,016 Accumulated depreciation (end of year) 29,310 Depreciation expense during the year 2,490 Cost of property and equipment sold during the year 1,388 Accumulated depreciation on property sold 1,196 Cash received on property sold 130 Required: Compute the amount of property and equipment that United Presents…Which of the following statements is true regarding the amortization of intangible assets? a. Intangible assets with a limited useful life are not amortized.b. The service life of an intangible asset is always equal to its legal life.c. The expected residual value of most intangible assets is zero.d. In recording amortization, Accumulated Amortization is always credited.
- An intangible asset with a finite useful life should be amortized over: - a period determined by management -it is not amortized, but checked for impairment annually -not amortized at all - it is expected useful lifetimeAccording to IAS 16 Property, Plant and Equipment, which, if any, of the following statements about depreciation are correct? The main purpose of depreciation is to reflect the fall in value of an asset over its useful life When an asset is revalued, subsequent depreciation relating to the amount of the revaluation should be debited to the revaluation surplus rather than to the income statement The provision for depreciation ensures that there are funds available to replace an asset when this becomes necessary, though in times of inflation, additional amounts may need to be set aside A change in depreciation method constitutes a change in accounting policy and must be accounted for as suchAccording to IAS 16 Property, Plant and Equipment, which, if any, of the following statements about depreciation are correct? The main purpose of depreciation is to reflect the fall in value of an asset over its useful life When an asset is revalued, subsequent depreciation relating to the amount of the revaluation should be debited to the revaluation surplus rather than to the income statement The provision for depreciation ensures that there are funds available to replace an asset when this becomes necessary, though in times of inflation, additional amounts may need to be set aside A change in depreciation method constitutes a change in accounting policy and must be accounted for as such A (1) and (4) B (2) and (3) C (4) only D None of the statements is correct
- Indicate whether each of the following statements is true or false. The major objection to the straight-line method is that it assumes the asset’s economic usefulness and repair expense are the same each year. Answer The sum-of-the-years’-digits method does not deduct the residual value in computing the depreciation base. Answer IFRS allows only the cost and fair-value models to be applied to the measurement of property, plant and equipment.Which of the following statement best describes depreciation? a. It is a means of spreading the payment for non-current assets over a period of years b. It is a decline in the market value of assets c. It is a means of spreading the cost of non-current assets over the estimated useful life d. It is a means of estimating the amount of money needed to replace the assetsWhich of the following best describes depreciation? A.ccounts for the market value of a physical asset B.Part of the cost of a physical asset allocated as an expense to each time period in which the asset is used. C.Shows the increase in value of a physical asset over the asset’s useful life D.Shows the drop in value of an asset when the asset is first used by an entity