ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 203

16. The same recoverability test that is used for impairments of
property, plant, and equipment is used for impairments of indefinitelife intangibles.

17. Periodic alterations to existing products are an example of
research and development costs.

18. Research and development costs that result in patents may be
capitalized to the extent of the fair value of the patent.

19. Research and development costs are recorded as an intangible
asset if it is felt they will provide economic benefits in future years.