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Unformatted text preview: CHAPTER 12 INTANGIBLE ASSETS 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. T 17. Example of research and development costs. F 18. Capitalizing research and development costs. T 19. Recording research and development costs. F 20. Reporting intangible assets. MULTIPLE CHOICE —Conceptual Answer No. Description c 21. Accounting for internally-created intangibles. b 22. Amortization methods for intangible assets. d 23. Cost of intangible asset. d 24. Factors in determining useful life. b S 25. Classifying intangible assets. d 26. Patent amortization. c 27. Patent amortization. d 28. Legal fees associated with patent infringement. b 29. Identification of intangible assets. c 30. Amortization of intangible assets. a 31. Entry to record patent amortization. c S 32. Accounting for goodwill. b S 33. Goodwill as master valuation account. a 34. Reporting of "negative goodwill." d 35. Accounting for goodwill. a 36. Recording goodwill. b 37. Impairment of intangible asset. c S 38. Impairment test for indefinite-life intangibles. b P 39. Accounting for organization costs. Test Bank for Intermediate Accounting, Twelfth Edition 12 - 2 MULTIPLE CHOICE —Conceptual (cont.) Answer No. Description a 40. Capitalization of certain R & D costs. d 41. Accounting principle for R & D expenditures. d 42. Accounting for R & D costs. c 43. Costs excluded from R & D expense. b 44. Depreciation of laboratory building used in R & D. a 45. Operating losses during start-up period. d P 46. Accounting for organization costs. a S 47. Classification of R & D expense. c P 48. Reporting patent amortization. P These questions also appear in the Problem-Solving Survival Guide. S These questions also appear in the Study Guide. * This topic is dealt with in an Appendix to the chapter. MULTIPLE CHOICE —Computational Answer No. Description d 49. Valuation of patent. d 50. Valuation of patent. c 51. Intangible asset amortization. c 52. Intangible asset amortization. b 53. Computing patent amortization expense. b 54. Computing patent amortization expense. c 55. Calculate total intangible assets....
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This note was uploaded on 02/25/2010 for the course ACCT 300A taught by Professor Bob during the Spring '10 term at Arizona.

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