ch12itangible asset.docx
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ch12itangible asset.docx
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ch12itangibleasset
CHAPTER12
INTANGIBLEASSETS
IFRSquestionsareavailableattheendofthischapter.
TRUe-FALSe—Conceptual
AnswerNo.Description
F1.Characteristicsofintangibleassets.
F2.Internallycreatedintangibles.
F3.Recordinginternallygeneratedintangibles.
F4.Amortizationoflimited-lifeintangibleassets.
T5.Amortizationofintangibleassets.
T6.Amortizinglimited-lifeintangibles.
T7.Accountingforacustomerlist.
F8.Amortizationofpatents.
T9.Modificationofanexistingpatent.
T10.Basicconceptofgoodwill.
T11.Internallygeneratedgoodwill.
F12.Recordinginternallygeneratedgoodwill.
T13.Impairmentofintangibles.
T14.Recognitionofimpairmentloss.
F15.Recoveryofimpairmentloss.
F16.Impairmentofintangibles.
F17.Exampleofresearchanddevelopmentcosts.
F18.Capitalizingresearchanddevelopmentcosts.
F19.Recordingresearchanddevelopmentcosts.
F20.Reportingintangibleassets.
MultipleChoice—Conceptual
AnswerNo.Description
b21Characteristicsofintangibleassets.
c22Characteristicsofintangibleassets.
a23Characteristicsofintangibleassets.
c24.Accountingforinternally-createdintangibles.
a25.Researchanddevelopmentcosts.
b26.Amortizationmethodsforintangibleassets.
d27.Costofintangibleasset.
d28.Factorsindeterminingusefullife.
bS29.Classifyingintangibleassets.
c30.Impairmentofintangibles.
a31.Determiningintangibleassetusefullife.
b32.Amortizationofintangibles.
d33.Patentamortization.
c34.Patentamortization.
d35.Legalfeesassociatedwithpatentinfringement.
b36.Identificationofintangibleassets.
c37.Amortizationofintangibleassets.
a38.Entrytorecordpatentamortization.
cS39.Trademarkcostscapitalized.
MultipleChoice—Conceptual(cont.)
AnswerNo.Description
c40.Compositionofgoodwill.
b41.Whentorecordgoodwill.
d42.Intangiblesduringacquisitionofcompany.
c43.Seperabilityofgoodwill.
bS44.Goodwillasmastervaluationaccount.
a45.Reportingof"negativegoodwill."
d46.Accountingforgoodwill.
a47.Recordinggoodwill.
b48.Impairmentofintangibleasset.
d49.Recoverabilitytest.
cS50.Impairmenttestforindefinite-lifeintangibles.
bP51.Accountingfororganizationcosts.
a52.CapitalizationofcertainR&Dcosts.
d53.AccountingprincipleforR&Dexpenditures.
d54.AccountingforR&Dcosts.
d55.ClassificationofR&Dexpense.
d56.Coststodefendapatent.
b57.PurposeofR&Dcosts.
d58.ClassificationofR&Dcosts.
d59.ClassificationofR&Dcosts.
c60.CostsexcludedfromR&Dexpense.
b61.DepreciationoflaboratorybuildingusedinR&D.
a62.Operatinglossesduringstart-upperiod.
dP63.Accountingfororganizationcosts.
aS64.ClassificationofR&Dexpense.
a65.Reportinggoodwill.
b66.Intangibleassetdisclosure.
d67.Expenseclassification.
cP68.Reportingpatentamortization.
c69.Reportingintangibles.
d70.Reportingexpensesandlosses.
d71.Reportingexpensesandlosses.
b72.Costofcomputersoftware.
d73.Costofcomputersoftware.
c74.Amortizationofcomputersoftwarecosts.
d75.Amortizationofcomputersoftwarecosts.
PThesequestionsalsoappearintheProblem-SolvingSurvivalGuide.
SThesequestionsalsoappearintheStudyGuide.
*ThistopicisdealtwithinanAppendixtothechapter.
MultipleChoice—Computational
AnswerNo.Description
d76.Valuationofpatent.
d77.Valuationofpatent.
c78.Valuationofpatent.
d79.Basketpurchaseofpatents.
c80.Intangibleassetamortization.
c81.Intangibleassetamortization.
b82.Computingpatentamortizationexpense.
b83.Computingpatentamortizationexpense.
b84.Computingpatentamortizationexpense.
c85.Calculatetotalintangibleassets.
b86.Determineamountofworthlesspatenttobewrittenoff.
b87.Calculatepatentamortization.
a88.Calculatetrademarkamortization.
b89.Calculatepatentamortization.
c90.Calculategoodwillamount.
c91.Calculategoodwillamount.
d92.Calculateamountofgoodwill.
a93.Calculategoodwillimpairment.
b94.Properaccountingwhenfairvalueofnetassetsacquiredexceedscost.
b95.Calculateimpairmentloss.
c96.Calculatepatentcarryingvalue.
d97.Calculatepatentcarryingvalue.
b98.Calculatelossonimpairmentofgoodwill.
b99.Calculatelossonimpairmentofgoodwill.
d100.CalculateR&Dexpense.
c101.CalculateR&Dexpense.
c102.CalculateR&Dexpense.
a103.CalculateR&Dexpense.
a104.CalculateR&Dexpense.
c105.Reportingintangibleassets.
c*106.Computingcomputersoftwarecosts.
c*107.Computingcomputersoftwarecosts.
c*108.Computingcomputersoftwarecosts.
a*109.Computingcomputersoftwarecosts.
b*110.Computingcomputersoftwarecosts.
MultipleChoice—CPAAdapted
AnswerNo.Description
a111.Determinecapitalizedpatentcosts.
c112.Valuationofpatentexchangedforcommonstock.
d113.Valuationofpatentexchangedfortreasurystock.
c114.Valuationandamortizationofapatent.
c115.Amortizationofapatent.
d116.Amortizationofatrademark.
c117.Capitalizationoflegalfees.
a118.Amortizationofgoodwill.
c119.CalculateR&Dexpense.
a120.DetermineR&Dexpensefortheyear.
Exercises
ItemDescription
E12-121Essay–characteristicsofintangibleassets.
E12-122Essay–costofintangibles.
E12-123Essay–typesofintangibles.
E12-124Essay–definitionofandaccountingforintangibles.
E12-125Essay–stockissuedforintangible.
E12-126Essay–costsassociatedwithpatents.
E12-127Intangibleassetsmultiplechoice.
E12-128Essay–intangibleassetamortization.
E12-129Essay–usefullifeofintangibles.
E12-130Entriesforamortizationandimpairment.
E12-131Essay-Intangibleassetstheory.
E12-132Identifyintangibles.
E12-133Essay–Goodwillandnegativegoodwill.
E12-134Carryingvalueofpatent.
E12-135Accountingforpatent.
E12-136Essay–goodwill.
E12-137Essay–impairment.
E12-138Goodwillimpairment.
E12-139Impairmentofcopyrights.
E12-140Essay–R&Dcosts.
E12-141Essay–start-upcosts.
E12-142Acquisitionoftangibleandintangibleassets.
E12-143Computersoftwareamortization.
PROBLEMS
ItemDescription
P12-144Intangibleassets.
P12-145Goodwill,impairment.
CHAPTERLEARNINGOBJECTIVES
1.Describethecharacteristicsofintangibleassets.
2.Identifythecoststoincludeintheinitialvaluationofintangibleassets.
3.Explaintheprocedureforamortizingintangibleassets.
4.Describethetypesofintangibleassets.
5.Explaintheconceptualissuesrelatedtogoodwill.
6.Describetheaccountingproceduresforrecordinggoodwill.
7.Explaintheaccountingissuesrelatedtointangible-assetimpairments.
8.Identifytheconceptualissuesrelatedtoresearchanddevelopmentcosts.
9.Describetheaccountingproceduresforresearchanddevelopmentcostsandforothersimilarcosts.
10.Indicatethepresentationofintangibleassetsandrelateditems.
*11.Understandtheaccountingforcomputersoftwarecosts.
SUMMARYOFLEARNINGOBJECTIVESBYQUESTIONS
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
LearningObjective1
1.
TF
21.
MC
22.
MC
23.
MC
121.
E
123.
E
LearningObjective2
2.
TF
24.
MC
76.
MC
78.
MC
122.
E
126.
E
3.
TF
25.
MC
77.
MC
79.
MC
125.
E
LearningObjective3
4.
TF
26.
MC
s29.
MC
80.
MC
128.
E
131.
E
5.
TF
27.
MC
30.
MC
81.
MC
129.
E
6.
TF
28.
MC
32.
MC
82.
MC
130.
E
LearningObjective4
7.
TF
35.
MC
83.
MC
88.
MC
114.
MC
132.
E
144.
P
8.
TF
36.
MC
84.
MC
89.
MC
115.
MC
133.
E
9.
TF
37.
MC
85.
MC
111.
MC
116.
MC
134.
E
33.
MC
38.
MC
86.
MC
112.
MC
117.
MC
135.
E
34.
MC
39.
MC
87.
MC
113.
MC
127.
E
139.
E
LearningObjective5
10.
TF
41.
MC
43.
MC
124.
E
40.
MC
42.
MC
118.
MC
145.
P
LearningObjective6
11.
TF
s44.
MC
46.
MC
90.
MC
92.
MC
94.
MC
142.
E
12.
TF
45.
MC
47.
MC
91.
MC
93.
MC
136.
E
LearningObjective7
13.
TF
15.
TF
48.
MC
s50.
MC
96.
MC
98.
MC
137.
E
14.
TF
16.
TF
49.
MC
95.
MC
97.
MC
99.
MC
138.
E
LearningObjective8
17.
18.
TF
TF
p51.
52.
MC
MC
53.
54.
MC
MC
55.
57.
MC
MC
58.
59.
MC
MC
145.
P
LearningObjective9
19.
TF
61.
MC
s64.
MC
102.
MC
119.
MC
141.
E
56.
MC
62.
MC
100.
MC
103.
MC
120.
MC
144.
P
60.
MC
p63.
MC
101.
MC
104.
MC
140.
E
LearningObjective10
20.
TF
65.
MC
67.
MC
69.
MC
71.
MC
32.
MC
66.
MC
p68.
MC
70.
MC
105.
MC
LearningObjective*11
72.
MC
74.
MC
*106.
MC
*108.
MC
*110.
MC
73.
MC
75.
MC
*107.
MC
*109.
MC
143.
E
Note:
TF=True-FalseE=Exercise
MC=MultipleChoiceP=Problem
TRUE-FALSE—Conceptual
1.Intangibleassetsderivetheirvaluefromtheright(claim)toreceivecashinthefuture.
2.Internallycreatedintangiblesarerecordedatcost.
3.Internallygeneratedintangibleassetsareinitiallyrecordedatfairvalue.
4.Amortizationoflimited-lifeintangibleassetsshouldnotbeimpactedbyexpectedresidualvalues.
5.Someintangibleassetsarenotrequiredtobeamortizedeveryyear.
6.Limited-lifeintangiblesareamortizedbysystematicchargestoexpenseovertheirusefullife.
7.Thecostofacquiringacustomerlistfromanothercompanyisrecor
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