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Accounting At Your Fingertips, 2e by George Murray, CPA.

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7.5 Intangible Assets

Understanding Intangibles

Types of Intangibles

Amortizing Intangibles

Tax Considerations for Intangibles

In this subchapter, we take you through the various kinds of intangible assets and show you how to account for them and amortize their values.

Understanding Intangibles

Intangibles are assets that lack physical substance, but have value such as a brand name or goodwill. When working with intangibles, an important first step is establishing some supportable cost basis. Accounting for intangibles is similar in some ways to what you do with fixed assets. Intangibles are classified as long-term assets on the balance sheet, but their costs must be allocated over the periods benefited. Instead of using depreciation and an ...

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