Which of the following is NOT a characteristic of a liability?

A)There is a fixed payment amount and payment date.

B)There is little discretion to avoid the obligation.

C)The event giving rise to the liability has already occurred.

D) There is a probable future sacrifice of resources.

When an intangible asset is amortized, which of the following statements is/are true?

A)The straight-line method is normally used.

B) All of the other answers are correct.

C) The asset is expected to have a finite life.

D)The residual value is normally zero.