Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
Q: Pendergrass Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain.
A: The intern is correct. Intangible assets should be amortized over their legal lives. Companies account for intangible assets much as they account for depreciable assets and natural resources. [ The cost of intangible assets is systematically allocated to expense during the asset's useful life or legal life, whichever is shorter, and this life is never allowed to exceed forty years. The process
of allocating the cost of intangible assets to expense is called amortization. ]
debnjerry|Points 32432|
Question
Asked 6/14/2012 6:42:54 PM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
26,400,184 questions answered
Weegy Stuff
S
P
P
L
P
P
P
Points 130 [Total 1866] Ratings 3 Comments 100 Invitations 0 Online
S
Points 67 [Total 78] Ratings 5 Comments 17 Invitations 0 Offline
S
Points 30 [Total 30] Ratings 3 Comments 0 Invitations 0 Offline
S
Points 16 [Total 16] Ratings 0 Comments 6 Invitations 1 Offline
S
L
Points 15 [Total 112] Ratings 0 Comments 15 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 5 [Total 5] Ratings 0 Comments 5 Invitations 0 Offline
S
Points 3 [Total 3] Ratings 0 Comments 3 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.