Intangible Assets With An Identifiable Useful Life Include ______.

Question: Which of the following is not a tangible asset?

Land

Truck

Pepsi trademark

Oil reserves

Answer: Pepsi trademark

Question: The term used to recognize expense for property, plant, and equipment is ______.

Answer: depreciation

Question: Intangible assets may have ______.

• an identifiable useful life

• - an indefinite useful life

• - visible signs of deterioration

• - a legal useful life

• Answer: an identifiable useful life

• an indefinite useful life

• a legal useful life

• Question: The cost of equipment includes ______.

• - fine for work safety violations during installation

• - cash discount from the list price

• - Purchase price

• - ordinary installation cost

• - damage caused while unloading

• Answer: cash discount from the list price

• Purchase price

• ordinary installation cost

• Question: The salvage value of an asset is the ______.

• Answer: expected market value of a fully depreciated asset

• Question: Assets that have a physical presence that enables them to be seen and touched are called _____ assets.

• Answer: tangible

• Question: Property, plant and equipment is sometimes called plant assets or _____ assets.

• Answer: fixed

• Question: Because double-declining balance depreciation recognizes depreciation expense faster than straight-line, it is called a(n) ____ method.

• Answer: accelerated

• Question: Intangible assets with an

• life include ______.

• trademarks

• goodwill

• copyrights

• patents

• Answer: copyrights

• patents

• Question: The cost of a building includes ______.

• maintenance

• purchase price

• renovation costs

• fire Insurance

• realtor commissions

• Answer: purchase price

• renovation costs

• realtor commissions