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...

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?