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Recording Amortization Expense (320-329)Actual Exam Questions And Correct Detailed Answers.
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C. they have no physical substance - correct answer Q 320. A common characteristic of all intangible assets is that A. they're depreciated over their useful life B. they're revalued annually C. they have no physical substance D. they're purchased E. they're...

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  • October 11, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • recording amortization expense 320 329

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  • AMORTAIZATION
  • AMORTAIZATION

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Recording Amortization Expense (320-
329)

C. they have no physical substance - correct answer Q 320. A common characteristic
of all intangible assets is that

A. they're depreciated over their useful life

B. they're revalued annually

C. they have no physical substance

D. they're purchased

E. they're internally developed



capitalized equipment - correct answer Q 321. A company lists the following assets
as intangible assets: capitalized equipment, patent, franchise, customer list, and trademark. Which of
these should not be listed as an intangible?



Amortization - correct answer Q 322. What is the name of the accounting process
that allocates the cost of intangible assets over their useful lives?



Amortization is recorded as a debit to amortization expense and a credit to the intangible asset account.



Recording amortization is not done via a contra account. Instead, it's recorded directly as a credit to the
asset account. The debit is recorded as amortization expense. - correct answer Q
323. What accounts are debited and credited when amortization expenses are recorded?



E. intangible assets - correct answer Q 324. Trademarks are reported on the balance
sheet as

A. investments

B. current assets

C. long-term investments

D. fixed assets

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