Which of the following statements is true with respect to intangible assets with indefinite lives? O They shquld be amortized over a period of 40 years. O They shodild be expensed to income in the year they are acquired. O They should be evaluated each year to determine if there has been any impairment in their valun. O They are never amortized or written down but remain on the company's balance sheet at their original cost forever.
Which of the following statements is true with respect to intangible assets with indefinite lives? O They shquld be amortized over a period of 40 years. O They shodild be expensed to income in the year they are acquired. O They should be evaluated each year to determine if there has been any impairment in their valun. O They are never amortized or written down but remain on the company's balance sheet at their original cost forever.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Which of the following statements is true with respect to intangible assets with indefinite lives?
O They shquld be amortized over a period of 40 years.
O They shodild be expensed to income in the year they are acquired.
O They should be evaluated each year to determine if there has been any impairment in their valun.
O They are never amortized or written down but remain on the company's balance sheet at their original cost forever.
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