Which of the following statements regarding intangibles assets is not correct? Multiple Choice Nearly all intangible assets must be purchased in order to be recorded as an asset on the statement of financial position. The excess of the purchase price of a business over the value of its net identifiable assets is referred to as a gain on purchase of a business. Amortization is similar to depreciation except that amortization is applied to intangible assets and depreciation is applied to tangible assets. Intangibles generally have no value at the end of their useful lives