ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 202

12. Internally generated goodwill associated with a business may
be recorded as an asset when a firm offer to purchase that business
unit has been received.

13. All intangibles are subject to periodic consideration of
impairment with corresponding potential write-downs.

14. If the fair value of an unlimited life intangible other than
goodwill is less than its book value, an impairment loss must be
recognized.

15. If market value of an impaired asset recovers after an
impairment has been recognized, the impairment may be reversed in a
subsequent period.