QUESTION 6 "Goodwill" is one of the few opportunities to attribute an actual cash value to an intangible asset. True False QUESTION 7 Generally accepted accounting practices account for the true value of intangible assets. True False QUESTION 8 When you sell an intangible (or tangible) asset, which of the following does not happen: a. The entire cost of the purchase appears on your P&L as gross income. b. The cost of paying off any remaining liabilities tied to that asset shows up on your P&L as an expense. c. The cash you receive and the credit you extend for the purchase show up on the cash flow statement. d. The asset is added to your balance sheets. QUESTION 9 According to your instructor, the best way to classify tangible vs intangible assets is: a. Physical vs convertable Ob. Objectively quanfiable vs objectively unquantifiable. c. Hard vs soft d. Touchable vs untouchable