What would cause a business to have intangible assets on its financial statements?
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- What is the difference between tangible and intangible assets?What are some examples of special issues in accounting for long-term assets? How are they handled?Discuss the main challenges in recognising and measuring intangible assets, suchas brands, in an entity's individual statement of financial position.
- What do statutes and accounting rules mandate about assessing an asset's span of economic value?Describe the accounting treatment for intangible assets such as patents, copyrights, and trademarks. Discuss the challenges in measuring and reporting the value of intangible assets and their impact on financial statements.When assets are exchanged in a transaction involving commercial substance, how is the gain or loss on disposal computed? Provide proper explanation
- Is it neccessary for a business to use the same method of computing depriciation for all classes of its depriciable assets?Explain how the accounting treatment differs between purchased and internally developed intangible assets.In accounting for the acquisition of assets, the assets acquired are to be recorded at the ‘cost of acquisition’. How would you determine the ‘costs of acquisition’ of an asset?How are changes in accounting policies accounted for and disclosed?
- Is it permissible to record additional depreciation on the assets, if they are still useful to the businessExplain about the existence of an active market in relation to the intangible assets and the accounting requirement for its valuationWhich of the following assets have definite physical share or identity and existence? [A] fictitious assets [B] current assets [C] tangible assets [D] intangible assets