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Intangible Assets - Accounting Lectures, Lecture notes of Accounting

Angeles University (AU)Accounting

This topic will help you to understand about intangible Assets.

Typology: Lecture notes

2022/2023

Uploaded on 07/30/2023

arnold-balobal
arnold-balobal 🇵🇭

2 documents

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Intangible and Other Assets
1. Long lived properties items having no physical existence and whose value lies in the rights, privileges
and advantages they accord to the owner; identifiable non-monetary assets without physical substance.
a. Fixed asset c. Intangible Assets
b. Deferred Charges d. Tangible Assets
2. The original and planned investigation undertaken with the prospect of gaining new scientific or
technical knowledge and understanding.
a. Research c. Research and Development
b. Development d. Some other Answer
3. The application of research finding or other knowledge to a plan or design for the production of new or
substantially improved materials, devices, products, processes, systems or services before the start of
commercial production or use.
a. Research c. Research and Development
b. Development d. Some other Answer
4. Those costs of materials, personnel, purchased intangibles, contract services and a reasonable
allocation of indirect cost specifically related to research and development activities and which have no
alternative future uses.
a. Research expenses c. Research and Development expenses
b. Development expenses d. Some other Answer
5. An exclusive right granted by the government to an inventor enabling him to control the manufacture,
sale or other use of invention for a specified period of time.
a. Franchise c. Public Franchise
b. Patent d. Private Franchise
6. The right to manufacture sell or make use of a patent assigned by the patent owner.
a. License c. Licensee
b. Royalty d. Grant
7. The periodic payment made by the licensee to the patent holder as compensation for the assignment to
the former of the latter's patent rights
a. License c. License Fee
b. Royalty d. Grant
8. An exclusive right given to an applicant to publish or sell any literary, musical or artistic work
a. Franchise c. Copyright
b. License d. Answer not given
9. Any distinguishing device, symbol, label or name used to differentiate a product, article, business or
services from others
a. Registered name c. Brand name
b. Tradename or Trademark d. Label
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Intangible and Other Assets

  1. Long lived properties items having no physical existence and whose value lies in the rights, privileges and advantages they accord to the owner; identifiable non-monetary assets without physical substance. a. Fixed asset c. Intangible Assets b. Deferred Charges d. Tangible Assets
  2. The original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding. a. Research c. Research and Development b. Development d. Some other Answer
  3. The application of research finding or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use. a. Research c. Research and Development b. Development d. Some other Answer
  4. Those costs of materials, personnel, purchased intangibles, contract services and a reasonable allocation of indirect cost specifically related to research and development activities and which have no alternative future uses. a. Research expenses c. Research and Development expenses b. Development expenses d. Some other Answer
  5. An exclusive right granted by the government to an inventor enabling him to control the manufacture, sale or other use of invention for a specified period of time. a. Franchise c. Public Franchise b. Patent d. Private Franchise
  6. The right to manufacture sell or make use of a patent assigned by the patent owner. a. License c. Licensee b. Royalty d. Grant
  7. The periodic payment made by the licensee to the patent holder as compensation for the assignment to the former of the latter's patent rights a. License c. License Fee b. Royalty d. Grant
  8. An exclusive right given to an applicant to publish or sell any literary, musical or artistic work a. Franchise c. Copyright b. License d. Answer not given
  9. Any distinguishing device, symbol, label or name used to differentiate a product, article, business or services from others a. Registered name c. Brand name b. Tradename or Trademark d. Label
  1. A privilege granted by the government permitting a monopoly, or the use of public property subject to government regulations a. Franchise c. Public Franchise b. Patent d. Private Franchise
  2. A privilege often exclusive given to distributor or dealer by a manufacturer, to sell the manufacturer's product within a specified territory; also called a distributor or dealership. a. Franchise c. Public Franchise b. Patent d. Private Franchise
  3. Alterations or improvements made by the lessee on leased property a. Leasehold improvements c. Operating lease b. Leased premises d. Finance lease
  4. The present value of the amount by which earnings of the business exceed a normal or basic return on its net assets exclusive of goodwill a. Goodwill c. Negative Goodwill b. Franchise d. Some other Answer
  5. Expenditures incurred in connection with the original incorporation and promotion of an enterprise. a. Deferred Charges c. Pre-operating costs b. Organization Expenses d. Promoters and underwriters fee
  6. Advance payments made for services or supplies which have not been utilized by the business, and which are expected to be consumed in the next accounting period or operation cycle whichever is longer a. Prepaid Expenses c. Pre operating costs b. Deferred Charges d. Advances
  7. Expenditures which are applicable to operations of future accounting periods a. Prepaid Expenses c. Pre operating costs b. Deferred Charges d. Advances General Concepts
  8. Which of the following is not a characteristic of an intangible asset? a. Physically exists c. Relatively long lived b. Confers certain rights d. Value highly uncertain
  9. Which of the following is an example of an intangible asset with unlimited life a. Copyrights c. Trademarks and Trade names b. Patents d. Some other Answer
  10. Which of the following is an identifiable intangible asset? a. Patents c. Goodwill b. Copyrights d. Licenses
  11. At the time of acquisition, an intangible asset may be valued at a. cash paid c. the present value of amount to be paid b. fair value of non-cash asset given up d. Any of the above
  1. The cost of internally generated assets includes all of the following except a. Cost of materials and services used in generating the intangible asset. b. Compensation cost of personnel directly engaged in generating the asset. c. Fees to register a legal right d. Expenditure on training staff to operate the asset.
  2. The following expenditures shall be expensed when incurred, except a. Start up costs b. advertising and promotion costs c. Business relocation or reorganization costs d. Payment in advance of delivery of goods or the rendering of services
  3. Which statement is correct concerning amortization of intangible assets? I. Intangible assets with limited or finite life are amortized over their useful life II. Intangible assets with indefinite life are not amortized but are tested for impairment at least weekly. a. I only b. II only c. Both I and II d. Neither I nor II
  4. Directly attributable costs of preparing the intangible asset for its intended use include all of the following except a. Cost of employee benefits arising directly from bringing the asset to its working condition b. Professional fees arising directly from bringing the asset to its working condition c. Costs of testing whether the asset is functioning properly d. Initial operating losses Answer keys:
  5. c
  6. a
  7. b
  8. c
  9. b
  10. a
  11. b
  12. c
  13. b
  14. c
  15. d
  16. a
  17. b
  18. c
  19. b
  20. a
  21. a
  22. c
  1. c
  2. c
  3. a
  4. d
  5. c
  6. b
  7. c
  8. d
  9. d
  10. d
  11. a - II is wrong -> not weekly.
  12. d