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Types of assets that are amortized?
Intangible assets are those assets which are amortized as compared to tangible assets which are depreciated.
What can be amortized on the balance sheet?
Intangible assets are amortized on balance sheet same as tangible assets are depreciated.
Journal entry for ammortization of furniture?
Furniture is depreciated as it is tangible assets while intangible assets are amortized.Debit depreciationCredit Furniture
Types of intangible assets?
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
What is the difference between tangible assets and intangible assets?
We can feel tangible asset,where as we cannot feel intangible asset
Are intangible assets included in current assets?
Intangible Assets are not included in current assets. They are usually listed under Other Assets.
Which tangible fixed assets would not normally be depreciated?
Tangible fixed assets with an infinite life such as land do not need to be depreciated.
Banks Tangible and intangible resources?
Tangible assets for a bank include all assets after making deductions for goodwill and intangible resources. Intangible assets have no physical properties.
Does depreciation is charged on intangible assets?
Depreciation is charged to tangible assets while amortization is used to charge intangible assets.
Is intangible assets a debit or credit?
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.
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 intangible assets included in liabilities?
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.
