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Short-lived
Result in future benefits
Expensed over current and/or future years
Question 2. 2. (TCO C) One factor that is not considered in
determining the useful life of an intangible asset is (Points : 5)
salvage value.
provisions for renewal or extension.
legal life.
expected actions of competitors.
Question 3. 3. (TCO C) Intangible assets are reported on the balance
sheet (Points : 5)
with an accumulated depreciation account.
in the property, plant, and equipment section.
separately from other assets.
None of the above
Question 4. 4. (TCO D) Which of the following is a current liability?
(Points : 5)
A long-term debt maturing currently, which is to be paid with cash
in a sinking fund
A long-term debt maturing currently, which is to be retired with
proceeds from a new debt issue
A long-term debt maturing currently, which is to be converted into
common stock
A long-term debt maturing currently, which is to be paid with
current assets
Question 5. 5. (TCO D) A contingent liability (Points : 5)