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level: Intangible Assets

Questions and Answers List

level questions: Intangible Assets

QuestionAnswer
How are purchased intangible assets recorded?At cost
GAAP vs IFRS: R&D ExpenseResearch: (Both Same) Research Expensed; Production, Alternative Use, and Successful Legal Capitalized, Development: (GAAP) Capitalize for Software ONLY after feasibility, (IFRS) Capitalize
How should Intangible Assets be amortized?Finite = Amortize Infinite = Don't Amortize IN BOTH CASES CHECK FOR IMPAIRMENT
When does amortization of computer software begin and end?It begins at release date and ends when sold
Franchisee Accounting: Initial and Continuing Fees1) Initial Fees: Capitalize and Amortize 2) Continuing Fees: Expense
Start-up CostsExpense as incurred
Research and Development Expense DOES NOT INCLUDE (2)1. Items that have alternative future uses 2. Tasks undertaken on behalf of others
When does capitalization of costs start for software development?After technological feasibility has been established