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The three main characteristics of intangible assets are  Select one: O a

Economics Dec 05, 2020

The three main characteristics of intangible assets are 
Select one: O a. identifiability, physical existence, and separability. O b. physical Existence, nonmonetary nature, and identifiability. O c. separability, identifiability, and nonmonetary nature. O d. identifiability, non-physical existence, and nonmonetary nature. 


When determining whether an internally developed intangible asset should be recognized, the process of generating the intangible is usually broken down into the 
Select one: O a. research and development phases. O b. exploitation and disposal stages. O c. research and financing elements. O d. acquisition and disposal stages. 


Which of the following best describes goodwill? 
Select one: O a. the excess of fair value transferred to acquire a business over fair value amounts assigned to identifiable assets O b. internal value generated by way of a brand image O c. a company's intentions to impact the community and environment in a favourable way O d. internal value generated by way of a company's charitable activities and philanthropic acts 
 

Expert Solution

1) Intangible assets have three main characteristics: (1) they are identifiable, (2) they lack physical existence, and (3) they are not monetary assets. So, the correct option is D "Identifiability, non-physical existence and nonmonetary nature".

 

2) The correct option is A "research and development phases". When determining whether an internally developed intangible asset should be recognized, the process of generating the intangible is usually broken down into the "research and development phases".

 

3) The correct option is A "the excess of fair value transferred to acquire a business over fair value amounts assigned to identifiable assets".

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