Reference no: EM132765965

Problem 1: The definition of an intangible asset

a) requires an intangible asset to be used in business

b) requires an intangible asset to provide future economic benefits through increased revenues

c) requires an intangible asset to be identifiable to distinguish it from goodwill.

d) requires an intangible asset to be without physical substance, whether the asset is monetary or not.

Problem 2: Which of the following intangible assets should be amortized over the periods of estimated benefit?

a) research and development costs related to a successful product

b) goodwill arising from the purchase of an existing business

c) costs incurred in organizing a corporation

d) patent right purchased from an inventor