Costs associated with various intangibles of a company may either be expensed when incurred or capitalized and amortized.Such costs might be recorded in any of the following ways:
a. charged to the patent account and amortized
b. charged to the franchise ac count and amortized
c. charged to other appropriate asset ac counts and amortized or depreciateo
d. charged to expense when incurred
Required:
Indicate how each of the following costs should be recorded by placing the appropriate letter (a-d)in the space provided.

Question

Costs associated with various intangibles of a company may either be expensed when incurred or capitalized and amortized.Such costs might be recorded in any of the following ways:
 a. charged to the patent account and amortized
b. charged to the franchise ac count and amortized
c. charged to other appropriate asset ac counts and amortized or depreciateo
d. charged to expense when incurred
 Required:
Indicate how each of the following costs should be recorded by placing the appropriate letter (a-d)in the space provided.

Quizplus · Accepted Answer

The Answer of Costs associated with various intangibles of a company may either be expensed when incurred or capitalized and amortized.Such costs might be recorded in any of the following ways:
 a. charged to the patent account and amortized
b. charged to the franchise ac count and amortized
c. charged to other appropriate asset ac counts and amortized or depreciateo
d. charged to expense when incurred
 Required:
Indicate how each of the following costs should be recorded by placing the appropriate letter (a-d)in the space provided.

Costs Associated with Various Intangibles of a Company May Either