When a patent is amortized, the credit is usually made to
A) the Patents account.
B) an Accumulated Amortization account.
C) a Deferred Credit account.
D) an expense account.

Question

Quizplus · Accepted Answer

Amortization of a patent involves reducing the carrying amount of the intangible asset (patent) over its useful life. The credit entry for amortization is made to the Patents account itself, decreasing its book value.

When a Patent Is Amortized, the Credit Is Usually Made