owledge Check $01$

Select the appropriate term for its respective definition.

Learning Objective $08-$P$4$: Intangibles

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An intangible asset is recorded at the cost incurred to purchase it$.$ The cost of an intangible asset with a definite useful life is allocated to expense using the straight$-$line method and is called amortization. Intangible assets with an indefinite useful life are not amortized$$ they are annually tested for impairment. Intangible assets include patents, copyrights, leaseholds, goodwill, and trademarks.