1 Intangible assets derive their value from the right (claim) to receive cash in the future. True False 0.25 points Question 2 Some intangible assets are not required to be amortized. True False 0.25 points Question 3 Which of the following does not describe intangible assets? a. They lack physical existence. b. They are financial instruments. c. They provide long-term benefits. d. They are classified as long-term assets. 0.25 points Question 4 The cost of a purchased patent should be amortized over the remaining legal life of the patent. True False 0.25 points Question 5 If a new patent is acquired through modification of an existing patent, the remaining book value of the original patent may be amortized over the life of the new patent. True False 0.25 points Question 6 Which of the following is not an intangible asset? a. Trade name b. Research and development costs c. Franchise d. Copyrights 0.25 points Question 7 Goodwill is considered a master valuation account because it measures the value of specifically identifiable intangible assets. True False 0.25 points Question 8 Internally generated goodwill should not be capitalized in the accounts. True False 0.25 points Question 9 Goodwill may be recorded