Chapter 11 - Intangible Assets

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5 Terms

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Intangible Assets

Characteristics include lack of physical existence, not a financial instrument, and normally classified as long-term assets.

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Types of Intangible Assets

Examples include patents, copyrights, franchises or licenses, trademarks or trade names, and goodwill.

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Valuation of Purchased Intangible Assets

They are recorded at cost, which includes purchase price, legal fees, and other costs to make them ready for use.

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What are some examples of intangible assets?

Patents, copyrights, franchises or licenses, trademarks or trade names, and goodwill.

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How are purchased intangible assets valued?

They are recorded at cost, including purchase price and legal fees.