1. A consideration not relevant in determining the useful life of an intangible asset is the

a. legal, regulatory, or contractual provisions.

b. provisions for renewal or extension

c. expected actions of competitors

d. initial cost.

2. Goodwill should be tested for impairment.

a. If there is an indication of impairment.

b. Annually

c. Every five years.

d. On the acquisition of a subsidiary

3.Which of the following items qualify as an intangible asset under IAS 38?

a. Advertising and promotion on the launch of a huge product.

b. College tuition fees paid to employees who decide to enroll in an executive M.BA. program at Harvard University while working with the company.

c. Operating losses during the initial stages of the project.

d. Legal costs paid to intellectual property lawyers to register a patent.