Which statement is FALSE?
A)The economic life of an intangible asset does not always equal its legal life.
B)The cost of developing an intangible asset internally is capitalized as an asset.
C)Intangible assets are similar to fixed assets,in that their acquisition costs are capitalized as assets,and this cost is expensed over their estimated useful lives.
D)Intangible assets are long-lived assets that are not physical in nature.
E)Examples of intangible assets include patents,copyrights,and goodwill.

Question

Quizplus · Accepted Answer

The cost of developing an intangible asset internally is expensed as incurred, not capitalized as an asset.

Which Statement Is FALSE