question 17\nwhich intangible assets are amortized over their useful life?\na trademarks\nb goodwill\nc…
question 17\nwhich intangible assets are amortized over their useful life?\na trademarks\nb goodwill\nc patents\nd all of these choices
Answer
Brief Explanations:
- Trademarks: Usually have an indefinite useful life and are not amortized. Instead, they are tested for impairment periodically.
- Goodwill: Also has an indefinite useful life and is not amortized. It is tested for impairment at least annually.
- Patents: Have a definite useful life (e.g., 20 years from the filing date in many cases). They are amortized over their useful life.
Answer:
C. patents