14.

A copyright should be amortized over _____________.

a.

its useful life or legal life, whichever is shorter

b.

twenty years

c.

the life of the creator plus fifty years

d.

its legal life

15.

Which of the following statements is TRUE?

a.

When the stated rate of interest differs from the effective rate, the note receivable will be sold at its face value.

b.

Companies record and report short-term notes receivable on a discounted basis.

c.

When the stated rate of interest exceeds the effective rate, the present value of the note receivable will be more than its face value.

d.

When the stated rate of interest exceeds the effective rate, the present value of the note receivable will be less than its face value.