The Cost of Long-Lived Assets with an Indefinite Life

Multiple Choice

The cost of long-lived assets with an indefinite life

A) is not recognized as an expense each period.
B) remains on the balance sheet at acquisition cost (unless an asset impairment occurs) .
C) is recognized as an expense each period.
D) presents a balance sheet carrying value that decreases over time as the firm recognizes the cost of the asset as an expense.
E) includes both choices a and b.