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PROBL PROBLEM 1: TRUE OR FALSE 1. The cost of routine design of products is considered an R&D expense. 2. The cost of modification of a product to conform to a specific customer's need is considered an R&D expense. 3. The cost of an internally generated patent that is subject to amortization is confined to legal and registration fees only. 4. An intangible asset with a finite useful life is amortized over the shorter of its useful life and legal life. 5. An intangible asset is not amortized if it has an indefinite useful life. 6. Grind Co. self-generated a patent. Grind Co. shall amortize the patent over the patent's estimated useful life, if shorter than 20 years. 7. PAS 38 does not require a specific amortization method that entities shall use. However, if no other amortization method best reflects the pattern of consumption of economic benefits from the intangible asset, then the entity shall use the straight- line method of amortization. 8. PAS 38 does not prohibit the use of an amortization method that is based on revenue. 9. When amortizing intangible assets, residual value is normally disregarded unless the entity can reasonably expect, and has life. the ability, to sell the intangible asset at the end of its useful 10. Trademarks are more commonly accounted for as intangible assets with indefinite useful life. Therefore, they are not amortized but tested for impairment at least annually