INTANGIBLES

Question 1

Identifiable intangible asset

Answer 1

Have a specific value, can be separately identifies and sold

Question 2

Unidentifiable intangible asset

Answer 2

Can not be separately identified and sold. E.g. goodwill

Question 3

Externally acquired

Answer 3

Capitalised (asset)

Question 4

Internally generated

Answer 4

Expense

Question 5

Amortisation of intangible asset

Answer 5

Gradually writing off the initial cost of the asset.

Starts when the intangible is ready for use

Reviewed annually