Patents and goodwill are both (Long lived - Short Lived) assets. A patent provides the ( exclusive - inclusive) right to make use of an invention or process for a (specific period - unlimited) of time, usually 20 years. Goodwill is the excess of cost of (purchasing - selling)another company over the sum of the(cost value - fair value) of its net asset. A patent has(a finite - an indefinit) life, which may be measured, goodwill has (a finite- an indefinite) life. A patent is amortized over (20 years - its cost - its useful life). Amortization is usually computed using the (double-diminishing balance method - straight-line method - units of production method). The value of goodwill (changes, unless - does not change when - does not change, unless) it is impaired. Impairment results when the recoverable amount for the goodwill is (equal to- greater than- less than) the carrying amount. IFRS requires that companies review the value of their goodwill (annually-monthly - periodically) and write down the value of the goodwill if it is (equal to-greater than-less than) the carrying amount.

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