Which of the following is not a characteristic of a plant asset? Plant assets are intangible....

Which of the following is not a characteristic of a plant asset?

Plant assets are intangible.

Plant assets are used in the operations of a business.

Plant assets are expected to provide future economic benefits for a number of years.

Not currently used in the business but held for future use.

Expert Solution

ekkarill92 answered 1 year ago

Discuss the Key Characteristic of an intangible asset and explain how intangible assets are initially measured...

Discuss the Key Characteristic of an intangible asset and explain how intangible assets are initially measured and whether the measurement differs depending on whether the assets are acquired in a business combination or internally generated by an entity.

Which of the following is NOT the suitable characteristic of an asset to be used as...

Which of the following is NOT the suitable characteristic of an asset to be used as money? Select one: Low value relative to its weight Standardized quality Durability Divisibility

Goodwill is an intangible asset. There are a variety of recommendations about how intangible assets should...

Goodwill is an intangible asset. There are a variety of recommendations about how intangible assets should be included in the financial statements. Discuss the recommendations for proper disclosure of goodwill. Include a comparison with disclosure of other intangible assets

Topic: Intangible Assets Which of the following statements is incorrect regarding the recognition of intangible assets in a business combination

11. Topic: Intangible Assets Which of the following statements is incorrect regarding the recognition of intangible assets in a business combination:a. Intangible assets arising from contractual or legal rights are recognized separately from goodwillb. Intangibles that can be separated from the business and sold, rented or licensed are recognized separately from goodwillc. Separately recognized intangibles are identified as either limited life or indefinite life intangiblesd. The acquirer in a business combination does not recognize intangible assets unless they appear on...

Describe the classification of plant assets and intangible assets, as well as the means for recording...

Describe the classification of plant assets and intangible assets, as well as the means for recording their acquisition (everything that is included in the historical cost) and disposal. Discuss the differences in the accounting treatment for repairs and capital improvements to plant assets.

SAR Research Associates reports the following intangible assets on its December 31 balance sheet: Intangible Asset...

SAR Research Associates reports the following intangible assets on its December 31 balance sheet: Intangible Asset Net Carrying Value Remaining Life Franchise 857,000 5 years Patent 410,000 3 years Trade Name 3,955,000 Total 5,222,000 It does not use a seperate accumulated amortization account for the intangible assets. Management provided the following information related to intangible assets it obtained during the current year: -Franchise: Due to current market conditions, products sold under the franchise have experienced significant sales declines from possible...

Which of the following refers to an intangible asset of a business that is created from...

Which of the following refers to an intangible asset of a business that is created from such favorable factors as location, product quality, reputation, and managerial skill? a.Goodwill b.A patent c.A trademark d.A copyright

A. Camilia Inc. has two options to acquire intangible assets either through buying the intangible asset,...

A. Camilia Inc. has two options to acquire intangible assets either through buying the intangible asset, or through doing some research and develop the intangible asset internally. From what you learnt from this course explain with details the differences between these two ways of acquiring intangible assets. B. Camilia, Inc, a biotechnology company, developed and patented a diagnostic product called Trouvadol. Camilia purchased some research equipment to be used for Trouvadol and subsequent research projects. Camilia defeated a legal challenge...

What are the characteristic of Long lived Assets/Plant Assets/Fixed Assets? Why they need to be depreciated?

Tangible and Intangible Assets. Discuss the four qualities/characteristics necessary for an asset to be a tangible...

Tangible and Intangible Assets. Discuss the four qualities/characteristics necessary for an asset to be a tangible asset. How do tangible assets differ from intangible assets?

Question