Final answer:
An intangible asset should not be amortized if it has an indefinite life and should not be grouped with property, plant, and equipment; it is amortized over its useful life if it has a finite life.
Step-by-step explanation:
The student's question pertains to the accounting treatment of intangible assets. When dealing with intangible assets, it's important to understand their amortization and reporting in financial statements. An intangible asset should not be amortized if it has an indefinite life. Instead, it should be tested annually for impairment. If an intangible asset has a finite life, the cost should be amortized over its useful life. Intangible assets are not to be grouped with property, plant, and equipment, but should be disclosed separately on the balance sheet. Depreciation is not a term used for intangible assets; instead, the term amortization is used as intangible assets lack physical substance.