0
What else can I help you with?
What are the tangible benefit and intangible benefit?
tangible assets is what can be seen while intangible asset is what cannot be seen or felt. The factory is an examle of intangible assets while patent is an example of intangible assets -- By Kailash Gaikwad
Fixed deposit is current asset or fixed asset?
Fixed deposit is under fixed assets. Under fixed assets, there are 3 category that is tangible fixed assets (land, machinery, dll), intagible fixed assets (pattern, franchise, dll) and investment (fixed deposite,dll).
What is classified as an intangible asset on the balance sheet?
goodwill
What is an intangible asset and give an example?
trade mark ,brand name ,patent ,,,,any service
Are patents intangible assets?
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.
Are patents goods?
No: "Goods" in business must be tangible materials, and the value of a patent is the right to exclude others from practicing the claims of the patent. This right is not in itself tangible, but it may be converted to a tangible asset by licensing the patent or suing anyone who violates it.
Is it patents part of income statement?
Amortization is not entered separately but just shown as a deduction from the respective asset(patent) in balance sheet. However it is shown separately in P&L A/c. Its treatment is similar to that of depreciation.
What is asset control process and procedure?
Asset control process is the process that starts from purchase of visible goods and or the right to use intangible assets such as good will, patent etc. And end up when it is discard.
How do you record a Intangible asset in journal entry?
To record an intangible asset in a journal entry, you typically debit the intangible asset account for the purchase price or cost incurred to acquire it. If applicable, you also debit any related costs, such as legal fees or registration costs. The corresponding credit would usually be made to cash or accounts payable, depending on how the asset was financed. For example, if a company purchases a patent for $10,000, the journal entry would be: Debit Patent $10,000 and Credit Cash $10,000.
Is taxes a intangible assets?
Taxes are never an asset (unless you are the government), you have to pay taxes which is an expense and or liability depending on when you pay them. An intangible asset is something you can't see or touch, like a patent on something you invent
How would an auditor verify charge on goodwill?
since goodwill is an intagible assets verification of charges on it does not arise
An asset that cannot be sold individually in the market place is 1. a patent. 2.goodwill. 3.a copyright. 4.a trade name.?
Goodwill. Everything else is tangible.
