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ACCT 201 Saudi Electronic University Financial Accounting Discussion Questions
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I’m working on a accounting question and need an explanation and answer to help me learn.
1) What are the items considered in Capitalization of interests? Describe each item
2) Intangible assets have three main characteristics: (1) they are identifiable, (2) they lack physical existence, and (3) they are not monetary assets.
(a) Explain why intangibles are classified as assets if they have no physical existence.
(b) Explain why intangibles are not considered monetary assets.
(c) And, why does the accounting profession make a distinction between internally created intangible assets and purchased intangible assets?
