51 - • No Accumulated Amortization account • Indefinite...

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Account for natural resources and depletion Natural Resources Come from the earth Oil, minerals, coal and timber Depletion records the expense related to extracting the natural resource Similar to units-of-production depreciation Account for intangible assets and amortization Intangible Assets Represent special rights and benefits Have no physical form Very valuable in today’s information-driven society Examples include patents and copyrights Categories of Intangibles Finite lives that can be measured Amortized using the straight-line method Intangible asset is reduced by amortization
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Unformatted text preview: • No Accumulated Amortization account • Indefinite Lives Not amortized Tested annually for loss in value Specific Intangibles Patents Federal grants that give holder exclusive right to produce and sell an invention for 20 years Copyrights Exclusive right to sell a book, music, file or other work of art; lasts for the life of the author + 70 years Trademarks & Trade Names Distinctive identification of product or service; a logo or catch phrase Franchises & Licenses Right to sell a product or service with specific Conditions, such as chain restaurants...
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