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problem1: Operating losses incurred during the start-up years of a new business should be;

[A] Capitalized as a deferred charge and amortized over five years.

[B] Capitalized as an intangible asset and amortized over a period not to exceed 20 years

[C] Accounted for and reported like the operating losses of any other business

[D] Written off directly against retained earnings.

problem2: Which of the following intangibles should not be amortized?

[A] Perpetual franchises

[B] Copyrights

[C] Customer lists

[D] All of these intangible assets should be amortized

problem3: On January 2, 2007, Klein Corporation bought a trademark from Royce, Company for $300,000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamortized cost on Royce’s books was $240,000. In Klein’s 2007 income statement, what amount should be reported as amortization expense?

[A] $15,000

[B] $12,000

[C] $30,000

[D] $24,000

problem4: Purchased goodwill should;

[A] Be written off by systematic charges as a regular operating expense over the period benefited

[B] Be written off as soon as possible against retained earnings

[C] Be written off as soon as possible as an extraordinary item

[D] Not be amortized

problem5: Riser company was granted a patent on a product on January 1, 1998. To protect its patent, the corporation purchased on January 1, 2007 a patent on a competing product which was originally issued on January 10, 2003. Because of its unique plant, Riser company does not feel the competing patent can be used in produced a product. The cost of the competing patent should be

[A] Amortized over a maximum period of 11 years.

[B] Amortized over a maximum period of 20 years.

[C] Amortized over a maximum period of 16 years.

[D] Expensed in 2007.

problem6: A loss on impairment of an intangible asset is the difference between the assets;

[A] Fair value and the expected future net cash flows.

[B] Book value and its fair value.

[B] Carrying amount and the expected future net cash flows.

[C] Carrying amount and its fair value.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922699

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