"Financial Report"：Long-Lived Assets

来源: 正保会计网校编辑：小鞠橘桔 2020/10/09 09:34:46　字体：大小

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Questions 1:

Holding all else constant, a company that develops intangible assets internally rather than purchasing them is most likely to report:

A、 lower amounts of assets.

B、 higher investing cash outflows.

C 、lower operating cash outflows.

Questions 2:

A company is purchasing a customer list that it expects will provide economic benefits for the next 5 years. The company chooses to use an accelerated amortization method. The choice will most likely result in an amortization expense that will be the:

A、 highest in the fifth year.

B、 highest in the first year.

C、 same in all five years.

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. Costs associated with internally developing intangible assets are usually expensed; thus, a company that has internally developed intangible assets through expenditures on R&D will recognize a lower amount of assets than a company that has obtained intangible assets through external purchase.

B is incorrect. Costs of acquiring intangible assets are classified as investing cash outflows. Thus if the company is developing assets internally, it will report lower investing cash outflows than a company that obtains intangibles through external purchase.

C is incorrect. Costs associated with internally developing intangible assets are classified as operating cash outflows. Thus, if the company is developing the intangible assets internally, it will report higher operating cash outflows than a company that obtains the intangibles through external purchase.

【Answer to question 2】B

【analysis】

B is correct. With accelerated amortization, first year amortization expense is the highest.

A is incorrect. With accelerated amortization, year 5 amortization expense should be the lowest.

C is incorrect. With accelerated amortization, amortization expense declines over the years.

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