Which of the following statements is true with respect to intangible assets?

Question

Quizplus · Accepted Answer

Intangible assets should be evaluated each year to determine if there has been any impairment in their value. Goodwill, in particular, is an intangible asset that is tested for impairment annually. Intangible assets are not amortized over a set period of time like tangible assets. They are only expensed to income in the year they are acquired if they are a research and development expense. Intangible assets are typically recorded at their cost when acquired, not at market value.

Which of the Following Statements Is True with Respect to Intangible