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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|
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Asked 6/14/2012 6:42:54 PM
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