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Intermediate Accounting II Exam Study Guide Solutions
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Intermediate Accounting II Exam Study Guide Solutions Patent - ANSWER-Exclusive right granted by the federal govt that gives the owner control of manufacturer, sale Has value if has competitive advantage Patents have a - ANSWER-20 yr life Patents have a - ANSWER-Finite life, cannot be renewed...

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  • November 11, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
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  • intermediate accounting ii exam study guide soluti

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Intermediate Accounting II Exam Study

Guide Solutions


Patent - ANSWER✔✔-Exclusive right granted by the federal govt that gives the owner control of

manufacturer, sale


Has value if has competitive advantage


Patents have a - ANSWER✔✔-20 yr life


Patents have a - ANSWER✔✔-Finite life, cannot be renewed


Patents are - ANSWER✔✔-Amortized and reviewed for impairment


Copyright - ANSWER✔✔-Gives owner exclusive right to publish, sell, or control literary or art work for

the life of the author, plus 70 yrs


Copyrights are - ANSWER✔✔-Amortized, reviewed for impairment


Trademark - ANSWER✔✔-A word, name, phrase, or Symbol that identifies a source or a product and

distinguishes it from the products of other companies


can be renewed if being used continuously


Trademarks are - ANSWER✔✔-Reviewed for impairment, indefinite life


Trademarks have a - ANSWER✔✔-10 yr life


Goodwill - ANSWER✔✔-Unidentifiable intangibles


Copyright ©Stuvia International BV 2010-2024 Page 1/8

, Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


Generate economic benefit for a company but cannot be separated and specifically associated W/ an

identifiable right


Acquired goodwill - ANSWER✔✔-The difference between the purchase price of the acquired company

and the fair value of its identifiable net assets.


Finite life - ANSWER✔✔-An asset is amortized over useful life


Indefinite life - ANSWER✔✔-An asset is not amortized, but reviewed for impairment


Intangible assets - ANSWER✔✔-Can be externally acquired or internally developed


Purchased intangibles are capitalized at their acquisition cost, internally developed are generally

expensed


Identifiable intangible assets - ANSWER✔✔-Can be separated from the company and sold,

transferred,licensed, rented, or exchanged.


Mainly Trademarkes, but also patents, customer relationships, lisenses, copyrights, franchise rights


5 categories: marketing related, customer related, artistic related, contract based, technology based


Amortization - ANSWER✔✔-The allocation of the cost of intangible assets in a systematic and rational

manner over the assets useful life


Finite life, 2 steps for impairment: recoverability test, measurement of the loss


Which of the following are amortized? - ANSWER✔✔-Patents, copyrights, computer software costs


Impairment - ANSWER✔✔-occurs when the fair value of the asset is less than its carrying value


Indefinite life



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