Intangible NCA Flashcards
1
Q
examples of intangible NCA
A
brands, patents, licenses, etc
2
Q
how is amortisation calculated and do all intangible NCAs have it?
A
calculated same as depreciation and not all have it
3
Q
double entry: intangible asset
A
Dr NCA
Cr cash/payable
4
Q
when is goodwill recorded as an intangible asset?
A
only when it is purchased goodwill
5
Q
how is goodwill amortised?
A
goodwill is NOT amortised
6
Q
what expense is taken into account when calculating profit for the year?
A
ONLY revenue expenditure
