1. Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles?
2. Explain the difference between artistic-related intangible assets and contract-related intangible asset.© BrainMass Inc. brainmass.com March 4, 2021, 9:34 pm ad1c9bdddf
The classification of intangibles into internally created and purchased dictates how these intangibles will be recorded. For example, internally created goodwill is not recognized while purchased goodwill is recorded in the books of the ...
The different types of intangibles in accounting is determined. The difference between artistic-related intangible assets and contract-related intangible assets is given.