According to PAS 38, which of the following may be recognized as cost of intangible asset? a. Research costs incurred in self-generating an intangible asset b. Costs of an internally generated customer lists c. Purchase cost of an externally acquired publishing title d. Abnormal amount of wasted labor in self-generating an intangible asset Which of the following statements is correct? a. Some intangible assets have physical substance. b. Intangible assets are always classified as noncurrent assets even in cases where they are part of a disposal group. c. The process of recording the expiration of the economic benefits of an intangible asset is called depletion. d. Intangible assets can be obtained in one of two ways – external acquisition or internal development. Which of the following statements is true? a. The capitalizable costs of patents are legal fees and other registration costs. b. An identifiable tangible asset developed internally is never recognized in the accounts as an asset. c. Intangible assets usually have a residual value that must be considered in the amortization of cost. d. An intangible asset is usually amortized by a credit to an income account. Intangible assets have all of the following characteristics, except: a. their ownership confers rights, but no physical substance. b. they have no physical substance. c. they are relatively long-lived. d. they provide benefits to current operations only. In accordance with the PFRSs, which of the following methods of amortization is normally not recommended for intangible assets? a. Units of production b. Declining balance c. Effective interest method d. Straight line Which of the following is not a consideration in determining the useful life of an intangible asset? a. Cost b. Legal, regulatory, or contractual provisions c. Provisions for renewal or extension d. Expected actions of competitors
According to PAS 38, which of the following may be recognized as cost of intangible asset?
a. Research costs incurred in self-generating an intangible asset
b. Costs of an internally generated customer lists
c. Purchase cost of an externally acquired publishing title
d. Abnormal amount of wasted labor in self-generating an intangible asset
Which of the following statements is correct?
a. Some intangible assets have physical substance.
b. Intangible assets are always classified as noncurrent assets even in cases where they are part of a disposal group.
c. The process of recording the expiration of the economic benefits of an intangible asset is called depletion.
d. Intangible assets can be obtained in one of two ways – external acquisition or internal development.
Which of the following statements is true?
a. The capitalizable costs of patents are legal fees and other registration costs.
b. An identifiable tangible asset developed internally is never recognized in the accounts as an asset.
c. Intangible assets usually have a residual value that must be considered in the amortization of cost.
d. An intangible asset is usually amortized by a credit to an income account.
Intangible assets have all of the following characteristics, except:
a. their ownership confers rights, but no physical substance.
b. they have no physical substance.
c. they are relatively long-lived.
d. they provide benefits to current operations only.
In accordance with the PFRSs, which of the following methods of amortization is normally not recommended for intangible assets?
a. Units of production
b. Declining balance
c. Effective interest method
d. Straight line
Which of the following is not a consideration in determining the useful life of an intangible asset?
a. Cost
b. Legal, regulatory, or contractual provisions
c. Provisions for renewal or extension
d. Expected actions of competitors
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