One factor that is not considered in determining theuseful life of an intangible asset is *Residual valueProvision for renewal or extensionExpected action of competitorsLegal lifeWhen a patent is amortized, the credit isusually made to *The patent accountAs accumulated amortization accountAn expense accountAn accumulated depreciation accountA trademark is an example of which categoryof intangible asset?Artistic-relatedContract-basedCustomer-relatedMarket-relatedWhich is a research anddevelopment cost? *Research and development performed under contract for othersDevelopment or improvement of technique and processOffshore oil exploration that is the primary activity of an entityMarket research related to a major product for the entityO O O OO O O O

Hi Student Since there are multiple questions we will answer only first question. If you want…

Answered: One factor that is not considered in…

One factor that is not considered in determining the useful life of an intangible asset is* Residual value O Provision for renewal or extension Expected action of competitors O Legal life

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which of the following amounts would be used in calculating a lessee's right of use asset (ROU)? ) O…

A: A lease is a contractual agreement between two parties, the lessor (owner) and the lessee (user),…

Q: Which of the following is/are contra-asset account? O Unearned Revenue. O Deferred Revenue. All of…

A: The balance sheet is the statement that reports the financial health of a business. The company…

Q: practice, would you expect the depreciation expense for a non-current asset to be overestimated or…

A: Depreciation is charged for non current asset being tangible asset, because of its wearing and tear…

Q: According to IAS 36 Impairment of Assets, the recoverable amount test requires an entity to compare…

A: IAS 36 Impairment of Assets is an accounting standard issued by the International Accounting…

Q: If a company uses the fair value model to value investment property, changes in the fairvalue of the…

A: Under the fair value model, remeasuring of investment property is made at the end of each reporting…

Q: Allowable depreciation reduces the basis of an asset whether the depreciation is deducted or not.

A: Allowable depreciation is the depreciation of the asset which is must allowed to deduct from the tax…

Q: Help this question.

A: Intangible assets are non-physical assets that have a monetary value since they represent potential…

Q: Intangible assets are certain nonphysical assets used in operations that confer on their owners'…

A: Non current asset: It implies to an asset having an expected useful life of more than a year and is…

Q: Which of the following is NOT a way to dispose of an asset? a.Sell it. b.Exchange it for another…

A: solution concept Disposing of the asset Discarding a asset means retiring the asset…

Q: The following terms are mismatched with its definitions. Match the terms to its correct definitions.…

A: The terms are matched with the definitions in below table:

Q: Which of the following is not a part of the impairment test of equipment under IFRS? Group of answer…

A: The objective of the question is to identify which of the given options is not a part of the…

Q: Which of the following is not a part of the impairment test of equipment under IFRS? Group of answer…

A: The objective of the question is to identify which of the given options is not a part of the…

Q: TRUE OR FALSE If an intangible asset is successfully defended from a legal challenge, the incurred…

A: The term "intangible assets" refers to assets without a physical form. Businesses that have made…

Q: An impairment loss is recorded when capital asset's 1. net book value is higher than the amount it…

A: Impairment loss is excess of carrying amount of assets over its recoverable amount . Recoverable…

Q: A company could change their intention of use for an intangible asset resulting in the asset no…

A: Yes, a company can change its intention of use for an intangible assets, which may impact how it is…

Question

One factor that is not considered in determining the
useful life of an intangible asset is *
Residual value
Provision for renewal or extension
Expected action of competitors
Legal life
When a patent is amortized, the credit is
usually made to *
The patent account
As accumulated amortization account
An expense account
An accumulated depreciation account
A trademark is an example of which category
of intangible asset?
Artistic-related
Contract-based
Customer-related
Market-related
Which is a research and
development cost? *
Research and development performed under contract for others
Development or improvement of technique and process
Offshore oil exploration that is the primary activity of an entity
Market research related to a major product for the entity
O O O O
O O O O

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Assets intended to be held and used for productive purposes may suffer from impairment in each of the following circumstances except O A change in the way the assets are used or physical change in the assets. O Asset costs incurred exceed the original amounts planned. Discounted expected future cash flows and interest charges are less than the carrying amount of the assets. O A significant adverse change in legal factors that might affect the assets' fair value.
If fair value of an impaired intangible asset recovers after an impairment has been recognized, a restoration gain may be recorded in a subsequent period. O a. True O b. False
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.
A loss on impairment on a limited life intangible asset is the difference between the asset’s Select one: carrying value and its undiscounted expected future net cash flows. fair value and its net realizable value. fair value and its discounted expected future net cash flows. carrying value and its fair value.
Impairment of an intangible asset occurs when the book value of an asset is less than the fair value. True O False
All of the following statements regarding asset impairments are true EXCEPT which one? O After recording the impairment loss, the reduced carrying amount of the asset held for use becomes its new cost basis O An impaired asset held for disposal may not be written up O An impairment loss for an asset held for use may not be restored. An impaired asset held for disposal is treated like inventory, and therefore should be reported at the lower-of-cost or net-reaalizable value.
Which of the following statements is true? Question 2 options: 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.
Once an asset has been determined to be impaired, the amount of impairment is measured as: The asset's cost minus the fair value The asset's future cash inflows minus the book value The asset's book value minus the fair value The asset's cost minus the book value
TRUE OR FALSE Amortization of intangibles is usually done over the asset’s legal life.
Which of the following is not a capital expenditure decision Select one: a. Improvement in fixed asset b. Purchase of goodwill c. None of the options d. Replacement in fixed asset e. R&D Expenditure
If an intangible asset is acquired as a part of the business combination it's recognised at: a. Fair value b. Cost c. Carring amount d. None of the given options
Internally generated intangible assets are initially recorded at fair value. O True O False