ACC 304 Endless Education /uophelp.com ACC 304 Endless Education /uophelp.com | Page 155

a. Indefinite life intangibles other than goodwill. b. Indefinite life intangibles. c. Goodwill. d. Limited life intangibles.
50. Buerhle Company needs to determine if its indefinite-life intangibles other than goodwill have been impaired and should be reduced or written off on its balance sheet. The impairment test( s) to be used is( are)
Recoverability Test Fair Value Test
a.
Yes
Yes
b.
Yes
No
c
No
Yes
d.
No
No
51. The carrying amount of an intangible is a. the fair value of the asset at a balance sheet date.
b. the asset ' s acquisition cost less the total related amortization recorded to date.
c. equal to the balance of the related accumulated amortization account.
d. the assessed value of the asset for intangible tax purposes.