Question: 1. What is an intangible asset? Provide some examples.
2. What is the process by which businesses spread the allocation of an intangible asset's cost over its useful life?
3. What is goodwill? Is goodwill amortized? What happens if the value of goodwill has decreased at the end of the year?
4. What does the asset turnover ratio measure, and how is it calculated?
5. What does it mean if an exchange of plant assets has commercial substance? Are gains and losses recorded on the books because of the exchange?