What are the key characteristics of an intangible asset

Assignment Help Financial Accounting
Reference no: EM132956481

Problem 1. What are the key characteristics of an intangible asset?

Problem 2. Explain what is meant by 'identifiability'.

Problem 3. How is the useful life of an intangible asset determined?

Problem 4. Flash Ltd has the following: 1. an investment in a subsidiary company 2. training costs associated with a new product 3. the cost of testing in search for product alternatives 4. legal costs incurred in securing a patent 5. long-term receivables.

Required

Which of these should be included as an intangible asset in the accounts of Flash Ltd? Give reasons for your answers.

Reference no: EM132956481

Questions Cloud

Compute the current ratio and acid-test ratio : Use the selected data from Business Solutions's income statement for the three months ended March 31, 2020, Compute the current ratio and acid-test ratio
What are assertion in relation to audits of financial report : Auditors do not check 100% of transactions/balances. What are assertions in relation to audits of financial reports? Who makes these assertions?
Compare and contrast the rules of engagement for television : Compare and contrast the rules of engagement for television, radio, print, and face-to-face interviews. Describe an example you have witnessed when an organizat
Hersey-blanchard situational leadership model : For leadership decisions, would you recommend using the Hersey-Blanchard Situational Leadership Model or the Vroom-Yetton Normative Decision Model?
What are the key characteristics of an intangible asset : What are the key characteristics of an intangible asset? How is the useful life of an intangible asset determined? Explain what is meant by 'identifiability'.
Draft a saving and investing : Case Study with the topic about in a workplace, office, or a business context/settingThe format is given below:
Explain what is meant by capital expenditure : Explain what is meant by 'capital expenditure' and by 'revenue expenditure' and how each is treated in the financial records of a company.
Prepare all necessary journal entries : Assume Solange uses a periodic system. Prepare all necessary journal entries, including the end of month adjusting entry to record cost of goods sold
What the purpose of a trial balance is to : What the purpose of a Trial Balance is to? Speed the collection of cash receipts from customers./ Ensure that all transactions have been recorded

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much money will john have at the end of year

How much money will John have at the end of year 7? John plans to invest $10,000 at the end of each year for 7 years on a project.

  Find how much cash collected from customers during year

Find how much cash was collected from customers during the year? Philip Corp reported credit sales of $240,000 and write-offs of bad debts of $57,000

  How much principal have paid over the first nine year

You make quarterly? (end-of-quarter) payments of ?$2137.52. The loan is amortized over 25 years. How much principal have you paid over the first 9 ?years?

  Which statements about financial planning process is correct

Which statements about the financial planning process is correct? The decision as to how a firm should raise additional funds needed (AFN) to meet its financial

  Selected data from a february payroll register for cheney

selected data from a february payroll register for cheney company are presented below.some amounts are intentionally

  State and define any six terminologies in islamic finance

State and define any six terminologies in Islamic finance. Briefly explain the Forward sales contract contracts in Islamic finance arrangement

  Find what expect return and standard deviation of portfolio

Stock A has an expected return of 12%, What is the expected return and standard deviation of a portfolio invested 30% in Stock A and 70% in Stock B?

  Prepare journal entries under the perpetual inventory system

Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system.

  How many units will need to be sold to breakeven

If fixed costs increase 10% next year, and the new selling price per unit goes into effect, how many units will need to be sold to breakeven?

  Write a report to cfo on your findings regarding jack

Write a report to your CFO on your findings and recommendations regarding Jack. Jack Construction Supplies Ltd. (Jack) is a retail and commercial building

  Find what the amount the company would have to borrow is

If the company has a policy of maintaining an end-of-the-month cash balance of$40,000, the amount the company would have to borrow is

  How does accounting information impact business decisions

What information were you able to glean about the financial situation of this company from the financials and how does this accounting information impact business decisions?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd