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The underlying accounting principle necessitating amortization of Intangible Assets is/are :
- a)Cost Concept
- b)Realization concept
- c)Matching Concept
- d)Both ‘b’ and ‘c’
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
The underlying accounting principle necessitating amortization of Inta...
Amortization of intangible assets means charging a reasonable portion of the asset on a product basis to the revenue of that year. This is done as per the Matching Concept. Matching Concept states that all expenses matched with the revenue of that period should only be taken into consideration. Amortization is treated as an expense of that particular year. In the financial statements of the organization if any revenue is recognized then expenses related to earn that revenue should also be recognized.
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The underlying accounting principle necessitating amortization of Inta...
According to this principal , 8n determining the net profit from business operation ,all cost which are applicable to revenue of the period should be charged against that revenue.
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The underlying accounting principle necessitating amortization of Inta...
Can you explain the concepts mentioned in the options
and again explain the concepts of accrual, money measurement concept.
and again explain the concepts of accrual, money measurement concept.
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The underlying accounting principle necessitating amortization of Intangible Assets is/are :a)Cost Conceptb)Realization conceptc)Matching Conceptd)Both ‘b’ and ‘c’Correct answer is option 'C'. Can you explain this answer?
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