1. Give three examples of intangible assets that can and should be amortized. 2. Which intangible...
1. Give three examples of intangible assets that can and should be amortized.
2. Which intangible asset may never be amortized?
3. Tangible long-term assets such as PP&E are depreciated, and certain intangible assets may be amortized. What is another scenario under which long-term assets may be converted into expenses? There is a specific term that you must use. Explain your answer. Hint: read the Chapter 10 PowerPoints.
Homework Answers
1. Amortization is done to write of cost of INTANGIBLE ASSETS. Example of assets that should be amortized are
- Patent
- Trademark
- License
2. Intangible Assets that can be renewed or that's benefits doesn't reduce over time need not be amortized. Examples are
- Contracts which have a renewal date
- Goodwill
- Renewable license
3. Another scenario under which long term assets should be converted into assets are depletion. Depletion is done for natural resources like mine, oil well etc
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1. Give three examples of intangible assets that can and should
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