acyfar3 intangible assets

Which of the following are the essential characteristics of an intangible assets?

I. Identifiability

II. Separability

III. Control

IV. Future economic benefits

V. Indefinite useful life

a. I, III, and IV

b. II, III, and IV

c. I, II, III, and IV

d. I, II, III, IV, and V

a

An intangible asset shall be recognized if:

I. It is certain that future economic benefits attributable to the asset will flow to the entity

II. It is probable that future economic benefits attributable to the asset will flow to the entity

III. The cost of the intangible asset can be measured reliably

a. I only

b. II only

c. I and III

d. II and III

d

Which of the following does not qualify as an intangible asset?

I. Patent

II. Copyright

III. Trademark

IV. Franchise

V. Computer software

VI. Computer hardware

-

a. V only

b. VI only

c. I, II, III, IV, and V

d. I, II, III, IV, and VI

b

HAWAII Co. is developing a new production process. During 2023, expenditures incurred totaled P500,000, of which P300,000 was incurred before December 1, 2023, and P200,000 was incurred between December 1, 2023, and December 31, 2023. HAWAII Co. can demonstrate that on December 1, 2023, the production process met the criteria for recognition as an intangible asset