Intangible assets that have an indefinite useful life:
A) Are those with no foreseeable limit on the period of time over which the asset is expected to contribute to the cash flows of the entity.
B) Are those with no legal, contractual, or economic factors that are expected to limit their useful life to a company.
C) Are those whose acquisition costs is not amortized over their useful life.
D) All of these answer choices are correct.

Question

Quizplus · Accepted Answer

All the statements accurately describe intangible assets with an indefinite useful life. They have no foreseeable limit to their contribution to cash flows, no factors expected to limit their useful life, and their acquisition costs are not amortized over their useful life.

Intangible Assets That Have an Indefinite Useful Life