In contrast to long-lived tangible assets,U.S.GAAP does not require ________ for indefinite-life intangible assets.
A)a fair value test
B)a recoverability test
C)a historical cost test
D)a present value test
E)a future value test

Question

Quizplus · Accepted Answer

U.S. GAAP does not require a recoverability test for indefinite-life intangible assets because these assets are not amortized and are instead tested for impairment annually using a fair value test.

In Contrast to Long-Lived Tangible Assets,U