Which of the following statements regarding intangible assets is NOT correct?
a. Intangible assets represent long-term rights and privileges of a nonphysical nature.
b. Intangible assets should be amortized over a period not to exceed 40 years.
c. Intangible assets must be tested regularly to determine if their value has been impaired.
d. A trademark is an example of an intangible asset.
B
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Collision Corporation Data for Collision Corporation for the year ended December 31, 2012, are presented below. Credit Sales $2,000,000 Sales returns and allowances 40,000 Accounts receivable (December 31, 2012 ) 610,000 Allowance for bad debts (Before adjustment at December 31, 2012 ) 15,000 Estimated amount of uncollected accounts based on aging analysis 55,000 Refer to the information provided
for Collision Corporation. If Collision uses the aging of accounts receivable approach to estimate its bad debts, what amount will be reported as bad debt expense for 2012? A) $40,000 B) $55,000 C) $15,000 D) $39,200
Email messages should be limited to one topic because
a. some computers cannot display longer messages. b. an email message should not contain competing ideas. c. the recipient might forget to respond to multiple points discussed. d. messages with multiple topics take too long to type.
Research indicates that emerging middle-class consumers in developing countries desire brand names that sound
A. American. B. German. C. Chinese. D. British. E. French.
In Wyeth v. Levine, the majority rejected the idea that primary responsibility for drug safety lies with the government and instead lies with the drug manufacturer
a. True b. False