ch12 - CHAPTER 12 INTANGIBLE ASSETS MULTIPLE...

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CHAPTER 12 INTANGIBLE ASSETS MULTIPLE CHOICE —Conceptual Answer No. Description c 1. Accounting for internally-created intangibles. b 2. Amortization methods for intangible assets. d 3. Cost of intangible asset. d 4. Factors in determining useful life. d 5. Patent amortization. c 6. Patent amortization. d 7. Legal fees associated with patent infringement. b 8. Identification of intangible assets. c 9. Amortization of intangible assets. a 10. Entry to record patent amortization. a 11. Reporting of "negative goodwill." d 12. Accounting for goodwill. a 13. Recording goodwill. b 14. Impairment of intangible asset. a 15. d 16. d 17. c 18. b 19. a 20. Operating losses during start-up period. MULTIPLE CHOICE —Computational Answer No. Description c 21. Calculate total intangible assets. b 22. Determine amount of worthless patent to be written off. b 23. Calculate patent amortization. a 24. Calculate trademark amortization. c 25. Exchange of similar intangible assets. b. 26. Calculate impairment loss. b 27. Proper accounting when fair value of net assets acquired exceeds cost. d 28. c 29. c 30. Calculate R & D expense.
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Test Bank for Intermediate Accounting, Eleventh Edition MULTIPLE CHOICE —CPA Adapted Answer No. Description a 31. Determine capitalized patent costs. c 32. Valuation of patent exchanged for common stock. d 33. Valuation of patent exchanged for treasury stock. d 34. Valuation and amortization of a patent. c 35. Amortization of a patent. d 36. Amortization of a trademark. c 37. Capitalization of legal fees. a 38. Amortization of goodwill. c 39. a 40. EXERCISES Item Description E12-41 Intangible assets questions. E12-42 Intangible assets theory. E12-43 Short essay questions. E12-44 Carrying value of patent. E12-45 Accounting for patent. E12-46 Impairment of copyrights. E12-47 Acquisition of tangible and intangible assets. PROBLEMS Item Description P12-48 Intangible assets. P12-49 Goodwill, impairment. 12 - 2
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Intangible Assets CHAPTER LEARNING OBJECTIVES 1. Describe the characteristics of intangible assets. 2. Identify the costs included in the initial valuation of intangible assets. 3. Explain the procedure for amortizing intangible assets. 4. Identify the types of intangible assets. 5. Explain the conceptual issues related to goodwill. 6. Describe the accounting procedures for recording goodwill. 7. Explain the accounting issues related to intangible asset impairments. 8.
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This note was uploaded on 05/01/2011 for the course ACCT 3341 taught by Professor Dr.ramaswamy during the Spring '09 term at University of St. Thomas-Texas.

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ch12 - CHAPTER 12 INTANGIBLE ASSETS MULTIPLE...

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