Youve learned about the process of capitalization and

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You've learned about the process of "capitalization" and "amortization." What do those terms mean, in practical terms, about how long-term assets are treated in accounting? What is the theory behind treating them that way? Consider their effects on the balance sheet and income statement and compare to 1) "immediate expensing" and 2) "capitalized but not amortizable." (We usually use the term "amortize" for intangibles, "depreciate" for tangibles, and "deplete" for natural resources: but in these questions use "amortization" as a generic concept that applies regardless of the type of long-term asset).

Reference no: EM13595099

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