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The periodic transfer of the cost of an intangible asset to expense?
amortization
What is The term applied to the periodic transfer of a fixed asset's cost to expense is?
Depreciation
Does amortization have a cash expense?
No amortization is done for intangible assets like depreciation for tangible assets and it also does not involve cash expense.
How do you write off a limited life intangible?
To write off a limited life intangible asset, you need to amortize its cost over its estimated useful life. This is done by systematically allocating the intangible asset's value as an expense on the income statement over each accounting period. The amortization expense is recorded, reducing the intangible asset's book value on the balance sheet until it reaches zero or is disposed of. It's important to follow the relevant accounting standards, such as GAAP or IFRS, when performing this process.
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
The periodic transfer of the cost of an intangible asset to expense?
amortization
What is The term applied to the periodic transfer of a fixed asset's cost to expense is?
Depreciation
Is prepaid loan cost is intangible?
It is a prepaid expense to be expensed over time. Not an intangible.
Does amortization have a cash expense?
No amortization is done for intangible assets like depreciation for tangible assets and it also does not involve cash expense.
What is an example of an amortized expense?
The costs of long-lived intangible assets, such as patents, are allocated across time periods and reclassified as amortization expense.
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
What is difference between an asset and an expense?
An asset is a debit entry on the balance sheet. It represents a physical item of value, an intangible item of value such as goodwill, or a debtor to the business. An expense is a debit entry on the profit and loss account, and represents a cost to the business.
What is amortization of goodwill?
Amortization is the process of writing off intangible assets such as goodwill,patents, trademarks, license etc. The portion of goodwill(or any other intangible asset) to be amortized in a particular accounting year is treated as revenue expense and is charged to the Profit and Loss Account of that year.
What does periodic or occasional expenses mean?
Water bill is a periodic expenses because they send the bill every three months, the car property tax is another, because it is yearly, the home property tax is yearly, the county decal is yearly, the car tags are yearly, so they are periodic, occasional expenses could be car repair and maintenance to pass inspection, home repair that is needed, moving expense, a needed new computer or work tool, a new car, etc. that you do not incur regularly is an occasional expense, even doctors or hospitals bills. Anything you paid regularly, like rent, mortgage, car insurance, phone is a periodic expense, because it is a monthly, quarter or yearly expense, even loan payments are periodic, if you pay them monthly.
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What would the journal entry be if a company incurred an expense?
There may be more than one way to record an expense. The easiest journal to think about is when you've used cash to pay for the expense. In that case, you would debit an expense account and credit cash. But, if you've received the benefit of an expense but have not yet paid for it the debit would still be the expense account but the credit would be a liability account. Of course, there are times when cash flows but no expense is recognized such as investments in property, plant and equipment. After that expenditure is made you would recognize periodic expenses in the form of depreciation. That would be a debit to depreciation expense and a credit to accumulated depreciation.
Is a membership an intangible asset?
Membership paid out to a 3rd party is an expense and should be in the income statement. Membership income would be diferred income (a liability) until it can be recognised as revenue under IAS 18 then it'll be put in revenue within the income statement.
