Helping students online in Accounting for Intangible Assets - Assessments - Homework Help
Intangible assets refer to the assets which cannot be seen or touched but gives immense profit. It includes patents, trademarks, good will, copyrights etc. It is been showed on the asset side of the balance sheet. It is hidden part of the profit. An asset refers to the valuable items or items which gives profit. Intangible assets are completely different from a normal asset but yet it is an important part of computation of balance sheet.
Accounting stands for recording classifying and summarizing all the transactions which have monetary value attached with it. Recording all day to day activities or transactions in books of accounts then classifying them to their respective heads (Like sales recording transaction in sales, purchase in purchase etc.) After distribution of all the items to their heads it is being summarized it refers to the result of all the transactions.
Intangible Assets - An important part of Accounting
Accounting intangible assets are an important part for any enterprise or a company. It plays a vital role in the growth of the business. It helps a business to reach to the heights of success in a short time span. This is not a wrong track to earn profits it gives higher profits because all the efforts are already made in past to take it to such a height.
For further instances intangible assets are in form of goodwill. If a company or enterprises has given good services to the customers, the customers started liking the way and presentation of working. The company will gain the goodwill of the people and become famous in that state or country. After this if Mr. A opens another outlet of the same brand name in the nearby state then Mr. A will start earning higher profits from the very beginning because the hard work is already done by the company.
There would be no great example than Dominos Pizza's. The companies have already gained higher publicity due to the higher varieties and quality of pizza's they serve. Any outlet opened in any part of the country can start earning super profits from the very beginning. But in order to open that outlet owner has to pay a huge amount as a goodwill which appears in his/her balance sheet for a long period of time.
Some factors have a great influence on the making or proposing of these assets. In other words these are the main characters affecting the value of the intangible assets. The management should be efficient, if the people who have taken brand name or any other kind of license or patent then that outlet should be capable enough to be on the same policies for which that company famous for. After effective management location of the company or outlet is very necessary. If there is no use of that particular project in that area then there will be no profits (like if you open a burger outlet with brand name in remote area but the people living nearby can't afford It. then there will be no benefit in making any effort made in present or past.)
Intangible assets are classified in two parts. First where a person purchase it, a person purchase the already running brand name and open its shop or outlet in nearby or far place by paying up an computed amount. This amount is a part of the asset which helps to earn super natural profit. Second is self generated where a person works hard to get that name?
Difficulties faced by a student while solving Intangible Assets Accounting Problems
A student sometimes fails to understand the concepts of Intangible Assets Accounting. They commit silly mistakes like not treating intangible asset as an asset. At such a time they need expert's advice. Our experts help students to understand the concept of intangible assets. They help students to compare the difference between tangible and intangible assets. Once students understand it and excel his/her skills in these basic concepts. They teach them where it is been used and how it is being computed.
Our team has a bunch of accounting tutors, who are experts in Intangible Assets accounting. Experts not only know the subject matter clearly but also help the students to learn and solve it in a better and equipped way. All our students have reached to maximum heights none of them ever regrets to be a part us.
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