Answer Happy

1 po The intangible asset of patent: a O A. Is the amount by which the value of a company exceeds the fair market value of a company's net assets if purchased separately. B. Gives its owner an exclusive right to manufacture and sell a patented item or to use a process for 20 years. O C. Gives its owner an exclusive right to manufacture and sell a device or to use a process for 50 years. D. Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 70 years.

The intangible asset of leasehold: O A. Are the rights granted to the lessee by the lessor of a lease. a B. Is a short-term rental agreement. O c, Is the same as a patent. O D. Is recorded as revenue expenditure when paid.

Plant assets are used in business and have useful lives that extend over more than one accounting period. O True False