ACC 304 help A Guide to career/Snaptutorial ACC 304 help A Guide to career/Snaptutorial | Page 115

d. all of these are included.
28. Factors considered in determining an intangible asset’s useful
life include all of the following except
a. the expected use of the asset.
b. any legal or contractual provisions that may limit the useful life.
c. any provisions for renewal or extension of the asset’s legal life.
d. the amortization method used.
29. Under current accounting practice, intangible assets are
classified as
a. amortizable or unamortizable.
b. limited-life or indefinite-life.
c. specifically identifiable or goodwill-type.
d. legally restricted or goodwill-type.
30. Companies should test indefinite life intangible assets at least
annually for:
a. recoverability.
b. amortization.
c. impairment.
d. estimated useful life.