ch12itanible asset.docVIP

CHAPTER 12 INTANGIBLE ASSETS IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Characteristics of intangible assets. F 2. Internally created intangibles. F 3. Recording internally generated intangibles. F 4. Amortization of limited-life intangible assets. T 5. Amortization of intangible assets. T 6. Amortizing limited-life intangibles. T 7. Accounting for a customer list. F 8. Amortization of patents. T 9. Modification of an existing patent. T 10. Basic concept of goodwill. T 11. Internally generated goodwill. F 12. Recording internally generated goodwill. T 13. Impairment of intangibles. T 14. Recognition of impairment loss. F 15. Recovery of impairment loss. F 16. Impairment of intangibles. F 17. Example of research and development costs. F 18. Capitalizing research and development costs. F 19. Recording research and development costs. F 20. Reporting intangible assets. Multiple Choice—Conceptual Answer No. Description b 21 Characteristics of intangible assets. c 22 Characteristics of intangible assets. a 23 Characteristics of intangible assets. c 24. Accounting for internally-created intangibles. a 25. Research and development costs. b 26. Amortization methods for intangible assets. d 27. Cost of intangible asset. d 28. Factors in determining useful life. b S29. Classifying intangible assets. c 30. Impairment of intangibles. a 31. Determining intangible asset useful life. b 32. Amortization of intangibles. d 33. Patent amortization. c 34. Patent amortization. d 35. Legal fees associated with patent infringement. b 36. Identification of intangible assets. c 37. Amortization of intangible assets. a 38. Entry to record patent amortization. c S39. Trademark costs capitalized. Multiple Choice—Conceptual (cont.) Answer No. Description c 40. Composition of goodwill. b 41. When to record goodwill. d 42. Intangibles during acquisition of company. c 43. Seperabilit