객관식
If an intangible asset has an indefinite useful life, it is not amortized. Which of the following best completes the sentence?
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8. Long Lived Assets
Intangible Assets and Amortization
객관식
In the balance sheet, patents and copyrights are most appropriately classified as which type of asset?
A
Property, plant, and equipment (tangible fixed assets)
B
Intangible assets
C
Long-term investments (marketable securities)
D
Current assets (inventory)
검증된 단계별 안내1
Understand the classification of assets on the balance sheet, which generally includes current assets, property, plant, and equipment (tangible fixed assets), intangible assets, and long-term investments.
Recognize that patents and copyrights are non-physical assets that provide legal rights or exclusive benefits to a company, which means they do not have a physical substance like machinery or buildings.
Recall that intangible assets are defined as identifiable non-monetary assets without physical substance, such as patents, copyrights, trademarks, and goodwill.
Eliminate other options: property, plant, and equipment are tangible assets; current assets are short-term and usually include cash, inventory, and receivables; long-term investments are financial assets held for investment purposes.
Conclude that patents and copyrights are most appropriately classified as intangible assets on the balance sheet.
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