Asked by Bianca Junio on May 29, 2024
Verified
The entry to record patent amortization usually includes a credit to
A) Amortization Expense.
B) Accumulated Amortization.
C) Accumulated Depreciation.
D) Patents.
Patent Amortization
The process of gradually writing off the initial cost of a patent over its useful life, reflecting the decrease in value due to time and use.
Credit
The right side of an account.
Accumulated Amortization
The cumulative amount of amortization expense that has been recorded against an intangible asset.
- Differentiate between amortization, depreciation, and depletion and their related concepts.
Verified Answer
MS
monika sharmaMay 29, 2024
Final Answer :
D
Explanation :
The entry to record patent amortization typically includes a credit to the Patents account itself, as intangible assets like patents are often directly reduced by their amortization, rather than using an accumulated amortization account.
Learning Objectives
- Differentiate between amortization, depreciation, and depletion and their related concepts.
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