Which of the following assets is considered to have an indefinite useful life?
A) goodwill
B) copyright
C) patent
D) all of these

Question

Quizplus · Accepted Answer

Goodwill is the only asset among the given options that is considered to have an indefinite useful life. Goodwill represents the value attached to a business due to its reputation, brand name, customer base, and other non-physical assets. There is no fixed period for which goodwill can be recognized as an asset on the balance sheet, and it can exist as long as the business is operational. Copyright and patents, on the other hand, have a limited period of protection, and their useful lives are defined by law.

Which of the Following Assets Is Considered to Have an Indefinite