True or False
1. ____ Typically, intangible assets are shown at their fair value.
Don't use plagiarized sources. Get Your Custom Essay on
Just from $13/Page
2. ____ A patent is an example of an intangible asset.
3. ____ Amortization of intangibles is usually done over the asset’s legal life.
4. ____ Once a company records goodwill, it will be on the company’s books forever because it is not amortized.
5. ____ If an intangible asset is successfully defended from a legal challenge, legal costs may be capitalized to the asset account.
6. ____ When one company acquires another, the acquiring company should continue to report any intangible assets of the purchased company at the same cost used by the purchased company.
7. ____ An intangible asset is a right that helps the owner generate revenues.
8. ____ Research and development costs that help develop successful programs can be capitalized.
9. ____ It is assumed that payments made on a long-term basis include interest.
10. ____ Intangibles purchased from another company are reported at the amount paid for them less any amortization.