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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. 12 - 2 Test Bank for Intermediate Accounting, Twelfth Edition MULTIPLE CHOICE —Conceptual (cont.)
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Answer No. Description a 45. Operating losses during start-up period. d P 46. Accounting for organization costs. a S 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. b 56. Determine amount of worthless patent to be written off.
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This note was uploaded on 06/03/2010 for the course ACC 51 taught by Professor Botsford during the Spring '08 term at DeAnza College.

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