U.S. GAAP and IFRS distinguish three categories of long-lived assets for purposes of measuring and recognizing impairment losses. The first category addresses long-lived assets except intangible assets not subject to amortization and goodwill. This category does not include:
a. property, plant, and equipment.
b. patents.
c. franchise rights.
d. land.
e. brand names and trademarks.
E
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A contract must be in writing if it specifies that it will last longer than ________
A) 30 days from the formation of the contract B) 90 days from the beginning of performance C) 180 days from the beginning of performance D) one year from the formation of the contract
A constant ratio plan adjusts a portfolio by
A) investing a constant amount of money each period. B) maintaining a constant dividend yield. C) adjusting asset holdings to restore the initial target weights. D) maintaining a constant ratio of assets to the owner's wealth.
The end of chapter case of Lucy v. Zehmer provided a good example of the objective person standard used to establish the necessary intent to create a contract
Indicate whether the statement is true or false