Intangible assets are amortized when: There is no more depreciation available to take. It has a finite life. It has an infinite life. The value has been impaired.
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Intangible assets are amortized when:
- There is no more
depreciation available to take. - It has a finite life.
- It has an infinite life.
- The value has been impaired.
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Solved in 3 steps
- When an intangible asset has a finite life, amortization should be taken over what period of time? The shorter of the asset’s useful life or its legal life. The longer of the asset’s useful life or its legal life. According to U.S. GAAP, all costs should be expensed. No amortization should be taken on intangible assets.Intangibles have either a limited useful life or an indefiniteuseful life. How should these two different types ofintangibles be amortized?In recording amortization of intangible asset, why isn't there an entry such as a credit to accumulated amortization? Why isn't it done the equivalent way we'd have for a fixed asset by keeping track of accumulated depreciation. Instead I notice the value of whatever the intangible asset is, is directly reduced by crediting the intangible asset When it's time to amortize. I'm guessing we could reduce the value of a fixed asset too directly. Just want to confirm that there hasn't been any recent changes to the idea of accumulated depreciation.
- Which of the following statements is true regarding the amortization of intangible assets? a. Intangible assets with a limited useful life are not amortized.b. The service life of an intangible asset is always equal to its legal life.c. The expected residual value of most intangible assets is zero.d. In recording amortization, Accumulated Amortization is always credited.Which of the following is NOT a characteristic of intangible assets? They are long-term in nature. They are not financial instruments. They lack physical existence. They are all subject to amortization.The key difference between amortization and depreciation is that amortization charges off the cost of an intangible asset, while depreciation does so for a tangible asset. True False
- what is Intangible Asset ? what is Wasting Assets ? what is Asset Cost ? what is Residual Value? and what are : e) Depreciation Base f) Book Value g) Historical Cost ? and also what is Basket Purchase of Non- Current Operating Assets.?Explain why depreciation on an existing asset is always irrelevant.Why is the cost of certain kinds of property not recoverable at all by way of depreciation, depletion, or amortization deductions? In addition to answering that question, give three examples of the kinds of assets that are not subject to “cost recovery”.
- 5. 1.) What is the difference between current assets and plant and equipment? Do you think land should be allowed to depreciate? 2.) What is the difference between depreciation expense and accumulated depreciation? Why does the book value of an asset never go below the residual value?Depreciation, depletion, and amortization deductions are not available for some types of property; thus, the cost of the property is not recoverable at all. Please also include three examples of the types of assets that are not subject to "cost recovery" as part of your response to this question.It is the gradual diminution of the useful value of tangible property resulting from wear and tear and normal obsolescence. It is also applied to the amortization of intangible assets the use of which in the trade or business is definitely limited in duration. Group of answer choices Depreciation Depletion Obsolescence Bad debts
