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Which of the following is not true about amortization of Limited-Life Intangibles a. Amortize by systematic charge to expense over useful life. b. Credit asset account or accumulated amortization. c. Useful life should reflect the periods over which the asset will contribute to cash flows. d. Amortization should be cost less residual value. e. IFRS requires companies to assess the residual values and useful lives of intangible assets at least annually. f. None of the above

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anthougo

Answer:

Amortization of Limited-Life Intangibles:

f. None of the above

Explanation:

IFRS requires limited-life intangibles to be systemically amortized throughout their useful lives using either units of activity method or straight-line method.  Intangibles are amortized to reduce their values as per use over their lifespan.  Amortization is like depreciation, but depreciation is a term used for tangible assets, while amortization is used for intangible assets.