Under current accounting practice, what are the two general classes of intangible assets?
A) legally restricted and unrestricted
B) monetary and non-monetary
C) indefinite-life and finite-life
D) specifically, identifiable and non-identifiable

Question

Quizplus · Accepted Answer

Intangible assets are classified as indefinite-life (not amortized) and finite-life (amortized over their useful life) under current accounting practices.

Under Current Accounting Practice, What Are the Two General Classes