Description Business organization costs Amount P 50,000 100,000 Cost to create its trademark and brand name Cost of computer software for its cost accounting system. The creation was outsourced. This is installed into its office computers. Cost of computer software necessary for its production equipment to operate Cost of acquired patent Litigation cost of acquired patent 400,000 200,000 350,000 200,000

Q: Name some intangible assets.

A: An Assets is something carrying economic benefits that are owned and controlled by an entity.…

Q: What is an intangible asset? Provide some examples.

A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…

Q: Explain the Costs of Defending Intangible Rights.

A: Intangible assets are the assets that cannot be seen physically, but its' presence in business have…

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the…

A:

Q: Analyze how different types intangible assets are accounted for.

A: An asset is intangible when it cannot be seen, which means the asset that does not have any physical…

Q: Access the Codification glossary (“Master Glossary”) to answer the following. a. What is the…

A: a.

Q: How can be Preservation and Maintenance of the Property can be done?

A: Preservation and Maintenance of Property can be done as follows: The borrower of the property…

Q: Which one of the following is an intangible asset?

A: We know that as per IAS 38 vis a vis IFRS 38 an intangible asset is an identifiable non monetary…

Q: Where can authoritative IFRS guidance related to intangible assets be found?

A: International financial reporting standards (IFRS): The international financial reporting standards…

Q: Describe the accounting for various types of intangible assets.

A: Intangible assets:   These are the long-term assets which are not physical in nature, but possess…

Q: What is meant by depreciable base? How is it determined?

A: Depreciable base: The word depreciable base is used to depict the value that is divided by the…

Q: what are the different types of intangible assets and give examples of each

A: Intangible assets: These are the long-term assets that are not physical in nature, but possess…

Q: what is the definition of Intangible Assets and Goodwill and what are some of the types of…

A: The assets can be classified as fixed assets, current assets and intangible assets.

Q: What are the functional divisions of the treasure and how are they different?

A: Treasury: It is a  finance function which is important to  success  and financial health of every…

Q: What are intangibles

A: Intangibles: As word refers as we can't touch or see it which means no physical existence .…

Q: Why is there a need to properly classify a property whether it is an investment or a property, plant…

A: Before making application treatment on property needs to be classification  It will makes proper…

Q: Describe the derecognition of property, plant, and equipment and intangible assets

A: An asset is something that gives benefits in the future to its owner. There are generally two types…

Q: Discuss the accounting for various types of intangible assets.

A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…

Q: What is impairment in the context of intangible assets?

A: Non-physical assets without physical substance but with economic worth to a business or individual…

Q: What are the two main characteristics of intangibleassets?

A:

Q: Explain the concept of VALUE IN USE. Why can it be a basis for recoverable amount of an item of…

A: Value in use means the asset’s net worth for the present time. Value in use is used to take decision…

Q: Explain impairment procedures and presentation requirements for intangible assets.

A: Intangible assets are the long-term assets that do not have the physical appearance but it has the…

Q: Why was land registration a critical issue in maintaining property rights?

A: The primary goal of property rights, as well as their primary accomplishment, is to eliminate…

Q: Provide an explanation of how losses on damaged intangible assets should be recorded in income

A: Intangible Assets are those that cannot be quantified. An intangible asset is a positive name and…

Q: B. Another team member who is preparing the Budgeted Balance Sheet for the business for the same…

A: B. Trade receive as of 31st December = 20% of November credit sales+50% of December credit sales…

Q: What methed is used in the Evaluation Phase of intangible assets.

A: Intangible Asset An intangible assets is an asset that's not physical in nature. Goodwill, brand…

Q: What should be the pattern of amortization for a limited-life intangible?

A: