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Question
How Do You Account for Intangible Amortization?
How Do You Account for Intangible Amortization?
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Solution
Intangible assets are recorded on the value of their acquisition cost. For recording annual amortisation expense for an intangible asset, amortization expense account is debited while intangible asset account is credited.
Also read:
- MCQs on Goodwill
- Intangible Assets
- Tangible Assets
- Difference Between Assets and Liabilities
- Methods of Valuation of Goodwill
Learn about more questions and answers on business studies and various other commerce topics from our website.
Intangible assets are recorded on the value of their acquisition cost. For recording annual amortisation expense for an intangible asset, amortization expense account is debited while intangible asset account is credited.
Also read:
- MCQs on Goodwill
- Intangible Assets
- Tangible Assets
- Difference Between Assets and Liabilities
- Methods of Valuation of Goodwill
Learn about more questions and answers on business studies and various other commerce topics from our website.
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