intermediate accounting 2 (real 2023 questions and accurate answers with a grade of A+ )

which of the following does not describe intangible assets? a. they lack physical existence b. they are financial instruments c. they provide long-term benefits d. they are classified as long-term assets - ANSthey are financial instruments which of the following characteristics do intangible assets possess? a. physical existence b. claim to a specific amount of cash in the future c. long-lived d. held for resale - ANSlong-lived which characteristic is not possessed by intangible assets? a. physical existence b. short-lived c. result in future benefits d. expensed over current and/or future years - ANSphysical existence costs incurred internally to create intangibles are a. capitalized b. capitalized if they have an indefinite life c. expensed as incurred d. expensed only if they have a limited life - ANSexpensed as incurred which of the following costs incurred internally to create an intangible asset is generally expensed? a. research and development costs b. filing costs c. legal costs d. all of the above - ANSresearch and development costs which of the following methods of amortization is normally used for intangible assets? a. sum of the years' digits b. straight line c. units of production d. double declining balance - ANSstraight line