Intangible Asset MCQs

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Which of the following is not considered to be an intangible asset?






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A recognized intangible asset is amortized over its useful life






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Hansen, Inc., purchased a patent at the beginning of Year 1 for $22,100 that was to be amortized over 17 years. On July 1 of Year 8, Hansen incurred ...






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Which of the following costs associated with an internally developed patent should be capitalized? Research and Patent Development Registration






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On July 1, Broadstreet Corporation acquired a patent on its new manufacturing process, which streamlines its production operation. The cost of the pat...






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Which of the following expenditures qualifies for asset capitalization?






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During the year just ended, Jase Co. incurred research and development costs of $136,000 in its laboratories relating to a patent that was granted on ...






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A purchased patent has a remaining legal life of 15 years. It should be






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Under IFRS, an entity that acquires an intangible asset may use the revaluation model for subsequent measurement only if






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Legal fees incurred by a company in defending its patent rights should be capitalized when the outcome of litigation is Successful Unsuccessful






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Gray Co. was granted a patent on January 2, Year 5, and appropriately capitalized $45,000 of related costs. Gray was amortizing the patent over its e...






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Which of the following assets, if any, acquired this year in an exchange transaction is(are) potentially amortizable? Goodwill Trademarks






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Goodwill should be tested for value impairment at which of the following levels?






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A company should recognize goodwill in its balance sheet at which of the following points?






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On December 31, year 3, Byte Co. had capitalized software costs of $600,000 with an economic life of four years. Sales for year 4 were 10% of expect...






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On January 2, year 4, Judd Co. bought a trademark from Krug Co. for $500,000. Judd retained an independent consultant, who estimated the trademarks...






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On January 2, year 4, Paye Co. purchased Shef Co. at a cost that resulted in recognition of goodwill of $200,000. During the first quarter of year 4...






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Northern Airline purchased airline gate rights at Newark International Airport for $2,000,000 with a legal life of five years. However, Northern has...






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On January 2, year 1, Lava, Inc. purchased a patent for a new consumer product for $90,000. At the time of purchase, the patent was valid for fiftee...






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What does ASC Topic 350 require with respect to accounting for goodwill?






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Which of the following statements concerning patents is correct?






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Under ASC Topic 350, goodwill should be tested periodically for impairment






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Sloan Corporation is performing its annual test of the impairment of goodwill for its Financing reporting unit. It has determined that the fair valu...






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Wilson Corporation is performing the test of impairment of its Technology reporting unit at 9/30/Y4. In the first step of the process, Wilson has va...






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Under IFRS, what valuation methods are used for intangible assets?






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Under IFRS, an entity that acquires an intangible asset may use the revaluation model for subsequent measurement only if






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Under IFRS, which of the following is a criterion that must be met in order for an item to be recognized as an intangible asset other than goodwill?...






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Under IFRS, intangible assets with indefinite lives are tested for impairment






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Under IFRS, an intangible asset is considered to be impaired if its carrying value is greater than its recoverable amount. The recoverable amount is...






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Right granted to use a trademark or tradename within a geographic area.






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Exclusive right to display a word, symbol, or emblem.






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Point in time to begin capitalization of software development costs.






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The allocation of cost for intangible assets.






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Exclusive right of protection given to the creator of a published work.






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Long-term assets that generally represent various types of rights.






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Consideration given less fair value of net identifiable assets.






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The cost allocation of equipment.






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The allocation of cost of natural resources.






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Protects against infringements on manufactured products.






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An exclusive right to display a word, slogan, symbol or emblem.






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An exclusive 20-year right to manufacture a product or use a process is a:






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The exclusive right to benefit from a creative work, such as a film, is a:






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The exclusive right to display a symbol of product identification is a:






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FIFA Footballs acquired a patent in 2015 at a cost of $150 million and amortizes the patent on a straight-line basis. During 2018 management decided t...






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Hepburn Company bought a copyright for $90,000 on January 1, 2015, at which time the copyright had an estimated useful life of 15 years. On January 5,...






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Goosen Company bought a copyright for $90,000 on January 1, 2015, at which time the copyright had an estimated useful life of 15 years. On January 5, ...






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Washburn Co. spent $10 million to purchase a new patented technology, debiting an intangible asset and crediting cash. Washburn uses SYD depreciation ...