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For companies using gaap, they should characterize their intangible assets as either a.specifically identifiable or goodwill-type. b.legally restricted or goodwill-type. c.limited-life or indefinite-life. d.amortizable or unamortizable

Kevin Sutter

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Melissa Norris on June 27, 2018

The correct option is C. GAAP stands for Generally Acceptable Accounting Principles. Under US GAAP, intangible assets are classified as either limited life or indefinite life. Of the intangible assets of a business are those assets that are corporate intellectual property from those that lack physical substance. Examples of patents, trade names, franchises and copyrights.


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