BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Intangible assets are the resources a business owns that are not physical, but still provide real value. A common example of intangible assets is intellectual property held by a business, such as songs, designs, trademarks, software licenses, motion pictures, customer lists and franchises.

Detailed explanation-2: -A patent is considered an intangible asset; this is because a patent does not have physical substance, and provides long-term value to the owning entity. As such, the accounting for a patent is the same as for any other intangible fixed asset, which is: Initial recordation.

Detailed explanation-3: -Examples of identifiable intangible assets include intellectual property, like patents, trademarks, copyrights, or even non-monetary government grants, like airport landing rights or broadcasting licenses.

Detailed explanation-4: -Examples of intangible assets include computer software, licences, trademarks, patents, films, copyrights and import quotas.

Detailed explanation-5: -Example. When a company buys a patent from an inventory or another company, the patent or intangible asset account is debited and the cash account is credited for the purchase. At the end of the period, the patent is amortized by debiting amortization expense and crediting accumulated amortization.