ACC 304 help A Guide to career/Snaptutorial ACC 304 help A Guide to career/Snaptutorial | Page 116

S31. One factor that is not considered in determining the useful life
of an intangible asset is
a. salvage value.
b. provisions for renewal or extension.
c. legal life.
d. expected actions of competitors.
32.
Which intangible assets are amortized?
Limited-Life Indefinite-Life
a. Yes Yes
b. Yes No
c.
No
d.
Yes
No
No
33. The cost of purchasing patent rights for a product that might
otherwise have seriously competed with one of the purchaser's
patented products should be
a. charged off in the current period.
b. amortized over the legal life of the purchased patent.
c. added to factory overhead and allocated to production of the
purchaser's product.