Intangible assets are subject to devaluation not depreciation.
Intangible assets are those assets which are amortized as compared to tangible assets which are depreciated.
Intangible assets are amortized on balance sheet same as tangible assets are depreciated.
Furniture is depreciated as it is tangible assets while intangible assets are amortized.Debit depreciationCredit Furniture
1 - Goodwill 2 - market related intangible assets 3 - Customer related intangible assets 4 - Contract related intangible assets 5 - Artistic related intangible assets 6 - Technology related intangible assets
We can feel tangible asset,where as we cannot feel intangible asset
Intangible Assets are not included in current assets. They are usually listed under Other Assets.
Tangible assets for a bank include all assets after making deductions for goodwill and intangible resources. Intangible assets have no physical properties.
Tangible fixed assets with an infinite life such as land do not need to be depreciated.
Depreciation is charged to tangible assets while amortization is used to charge intangible assets.
Intangible assets are also assets like any other assets so if all other assets have debit as a default balance then intangible assets also have debit as default balance. Like Goodwill etc.
patents are intangible assets as these have not physical existence. patent is a right to use something which is not physical that's why it is an intangible asset.
Intangible assets are assets like other assets just they cannot be seen by eye or feel by hand but as they are assets they are included in assets and part of liability.