28.) Intangible assets generally must possess ALL of the following: lack of physical substance, degree of uncertainty concerning future benefits, have value only to a given enterprise, have indeterminable lives and be subject to large fluctuations in value because their benefits are based on a competitive advantage.

1. TRUE

2. FALSE

29.) According to GAAP historical cost is the basis for valuation at date of acquisition for all fixed assets used in the business. One of the reasons for this position is that at acquisition date, cost reflects fair market value.

1. TRUE

2. FALSE