please dont give me plagiarised answer Which statement below regarding the accounting for intangible assets is correct?O Patents are amortized over the shorter of their useful life or legal life.O Research and development costs generally are capitalized and amortized over its usetul ite.O Amortization of intangible assets is credited to the Accumulated Anortization account,O The cost of goodwill purchased should be amortized over its uneful life.

Intangible asset: Intangible asset is an asset that has no physical existence. In simple words we…

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Business

Accounting

Which statement below regarding the accounting for intangible assets is correct?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 4C

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Which of the following accounts would not be included in the Acquisition and Payment for Long-Lived Assets Cycle? a. Revenue b. Depreciation expense c. Gain on disposal d. Equipment
Under IFRS, a company that acquires an intangible asset may use the revaluation model for subsequent measurement only if a. The useful life of the intangible asset can be readily determined. b. An active market exists for the intangible asset. c. The cost of the intangible asset can be measured reliably. d. The intangible asset is a monetary asset.
The term that applies when an intangible asset is expensed over time rather than fully expensed at the time of purchase is Group of answer choices a. Depletion b. Amortization c. Goodwill write-down d. Depreciation
An entity that acquires an intangible asset may use the revaluation modelfor subsequent measurement only if A. The useful life of the intangible asset can be reliably determined.B. An active market exists for the intangible asset.C. The cost of the intangible asset can be measured reliably.D. The intangible asset is a monetary asset.
According 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
According 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
Which of the following statements are correct? I. IAS 16 Property, plant and equipment requires entities to disclose the purchase date of each asset II. The carrying amount of a non-current asset is the cost or valuation of that asset less accumulated depreciation III. IAS 16 Property, plant and equipment permits entities to make a transfer from the revaluation surplus to retained earnings for excess depreciation on revalue assets IV. Once decided, the useful life of a non-current asset should not be changed
According to IFRS, all of the following pieces of information about intangible assets mustbe disclosed in a company’s financial statements and footnotes except for:A. fair value.B. impairment loss.C. amortization rate.
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 list
Research and development costs are while of the following? are classified as intangible assets. should be included in the cost of the patent they relate to. must be expensed when incurred under generally accepted accounting principles. are capitalized and then amortized over a period not to exceed 40 years.
Which 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.
TRUE OR FALSE Amortization of intangibles is usually done over the asset’s legal life.