ACC 304 All Assignments ACC 304 All Assignments | Page 198

1. Intangible assets derive their value from the right (claim) to
receive cash in the future.
2.
Internally created intangibles are recorded at cost.
3. Internally generated intangible assets are initially recorded at
fair value.
4. Amortization of limited-life intangible assets should not be
impacted by expected residual values.
5. Some intangible assets are not required to be amortized every
year.
6. Limited-life intangibles are amortized by systematic charges to
expense over their useful life.
7. The cost of acquiring a customer list from another company is
recorded as an intangible asset.