Question
The following is a list of items that could be included in the intangible assets section of the statement of financial position: (a) Indicate which
The following is a list of items that could be included in the intangible assets section of the statement of financial position:
(a) Indicate which items on the list would be reported as intangible assets on the statement of financial position.
1. | An investment in a subsidiary company | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
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2. | Timberland | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
3. | The cost of an engineering activity needed to advance a products design to the manufacturing stage | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
4. | A lease prepayment (six months of rent paid in advance) | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
5. | The cost of equipment obtained under a capital lease | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
6. | The cost of searching for applications for new research findings | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
7. | Costs incurred in forming a corporation | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
8. | Operating losses incurred in the start-up of a business | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
9. | Training costs incurred in the start-up of a new operation | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
10. | The purchase cost of a franchise | select an option Not Reported as Intangible AssetsReported as Intangible Assets | ||
11. | Goodwill generated internally | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
12. | The cost of testing in the search for product alternatives | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
13. | Goodwill acquired in the purchase of a business | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
14. | The cost of developing a patent | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
15. | The cost of purchasing a patent from an inventor | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
16. | Legal costs incurred in securing a patent | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
17. | Unrecovered costs of a successful legal suit to protect a patent | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
18. | The cost of conceptual formulation of possible product alternatives | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
19. | The cost of purchasing a copyright | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
20. | Product development costs (All six development phase criteria are met.) | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
21. | Long-term receivables | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
22. | The cost of developing a trademark | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
23. | The cost of purchasing a trademark | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
24. | The cost of an annual update of payroll software | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
25. | A five-year advertising contract for rights of advertising by a top hockey player in Canada | select an option Reported as Intangible AssetsNot Reported as Intangible Assets | ||
26. | Borrowing costs specifically identifiable with an internally developed intangible asset. |
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