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    Daily Archives 26.02.2020

    Amortization Turns Asset Costs into Expenses or Pays Off Debt

    26.02.2020 Bookkeeping  No comments

    Amortization Accounting

    The full value of the prepaid expense is recorded as a debit to the asset account and as a credit to the cash account. A caveat is that under GAAP, goodwill amortization is permissible for private companies. The purpose of this accommodation is to reduce the costliness of annual impairment testing on private companies that lack the internal accounting resources needed to perform the tests. It’s important to note that not all private companies take this election because they’d have to restate all of their financials if they ever went public...

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