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21 u s gaap and ifrs distinguish three categories of long lived assets for purposes 4297435

 

 

21. U.S. GAAP and IFRS distinguish three categories of long-lived assets for purposes of measuring and recognizing impairment losses. 
 

22. Both U.S. GAAP and IFRS distinguish the same three categories of long-lived assets for impairment analysis, and have the same procedures for assessing an asset for impairment and measuring the impairment loss. 
 

23. U.S. GAAP requires firms to recognize an impairment loss on a nonamortized intangible other than goodwill whenever the carrying value of the asset exceeds its fair value. 
 

24. Accounting for the impairment of long-lived assets is complex because U.S. GAAP and IFRS requirements differ for various assets. 
 

25. Tangible long-lived assets typically appear under the title Property, Plant, and Equipment, among the current assets. 
 

26. Gains and losses on disposals of property, plant, and equipment and intangible assets appear on the income statement, often in “Other income and expense.” 
 

27. Which of the following is/are intangible assets with a finite useful life?   
A. Customer List and User Base
B. Trade Names and Trademarks
C. Developed Technologies
D. Network Access Agreements
E. all of the above

 

28. Tangible long-lived assets include 
A. land.
B. buildings.
C. equipment.
D. factories.
E. all of the above

 

29. Tangible long-lived assets include all of the following except 
A. land.
B. buildings.
C. equipment.
D. factories.
E. franchise rights.

 

30. Intangible long-lived assets include: 
A. patents
B. brand names
C. trademarks
D. customer lists
E. all of the above

 

 

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