Question

Amortization of intengible asset such as goodwill which has indefinite life is an example of accounting concept

Answer 1

If an intangible asset has a finite useful life, you should amortize it over that useful life. The amount to be amortized is its recorded cost, less any residual value. However, intangible assets are usually not considered to have any residual value, so the full amount of the asset is typically amortized.

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