Private companies, with respect to goodwill:

Multiple Choice

• May elect to amortize it over a period of 15 years.

• May amortize goodwill if the value of the company does not exceed $10 million.

• Must amortize it over a 12-year period.

• Must treat it as an intangible asset with an indefinite life.

• May treat goodwill as a definite lived intangible asset with a 10-year useful life.