WK2, DQ4 - incurred and should be reported in the...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Provide examples of various intangible assets. Intangible assets can be: copyrights, trademarks, patents, and goodwill. Why are research and development costs expensed as incurred rather than capitalized? The goal of R&D is to provide an organization with information that can eliminate uncertainty about the development or improvement of a product. Unless the R&D project has alternative future uses (for example fixed assets), the costs should be expensed in the period that were
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: incurred and should be reported in the organizations financial statements. Why are some intangible assets amortized whereas others are not? If the intangible asset is separate and differs from goodwill and has a definite life, then it can be amortized. On the other hand, goodwill and intangible assets with indefinite lives are not amortized....
View Full Document

This note was uploaded on 08/15/2010 for the course ACCT Acc281 taught by Professor Tontis during the Spring '10 term at DeVry Long Beach.

Ask a homework question - tutors are online