Flashcards in General Deck (4)
When are intangible assets recognized in financial documents?
Only when that that intangible asset has an identifiable historical cost attributable to it.
Accumulated Amortization is a contra-account for?
When accounting for the depletion of a natural resource, how is it represented?
Over its productive live. Example
$10m oil/20M barrels= $.50 a barrel
this year 500,000 barrels drawn (500,000 x $.50) creates a depletion expense of $250,000