Which of the following statements best describes the accounting for intangible assets after acquisition under Private Entity GAAP?
A)They may be accounted for under the cost model or the revaluation model.
B)They should be accounted for under the cost model.
C)They should be accounted for under the revaluation model.
D)None of these.

Question

Quizplus · Accepted Answer

Private Entity GAAP requires intangible assets to be accounted for under the cost model only, meaning they are initially recorded at cost and subsequently amortized over their useful lives. The revaluation model is not permitted under Private Entity GAAP.

Which of the Following Statements Best Describes the Accounting for Intangible