Amortization of Intangible Assets: Definition & Examples

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question 1 of 3

When a copyright's value on the books exceeds its fair value, it's considered _____ and must be written down to its current value.

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1. An entertainment company purchases copyrighted films for $1 million dollars. The copyrights have an indeterminate life. How much of the copyrights are amortized each year ?

2. _____ expenses the cost of an intangible asset over its expected useful life.

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About This Quiz & Worksheet

This quiz/worksheet combo lets you find out what you know about amortization relating to intangible assets. You will need to identify the yearly amortization of different investments.

Quiz & Worksheet Goals

Answer these questions to make sure you understand:

  • The straight line method of amortization
  • Goodwill amortization
  • Definition of intangible assets
  • Procedure for intangible assets with indeterminate life
  • Yearly amortization

Skills Practiced

  • Problem solving - use acquired knowledge to solve amortization practice problems
  • Information recall - access the knowledge you've gained regarding what an intangible asset is
  • Knowledge application - use your knowledge to answer questions about investments and their yearly amortization

Additional Learning

Use the lesson titled Amortization of Intangible Assets: Definition & Examples to find out more about this accounting practice. You will learn more about important concepts, such as:

  • What determinable useful life means for intangible assets
  • Examples of intangible assets with indeterminable useful life
  • Fair value of assets
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