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Describes accounting for intangible assets

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Reference no: EM132700616

Problem 1: Which of the following best describes accounting for intangible assets(other than goodwill) that have an indefinite useful life?

a)They should be tested annually for impairment, with any impairment amortized to expense in a systematic and rational manner
b)They should be tested annually for impairment, with any impairment recorded as a loss
c)They should be carried at fair value of the balance sheet
d)They should be amortized in a systematic and rational manner.

Reference no: EM132700616

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