Accounting Question

Q1. What are the items considered in Capitalization of interests? Describe each item [1 marks]
Q2. Intangible assets have three main characteristics: (1) they are identifiable, (2) they lack physical existence, and (3) they are not monetary assets.
Instructions
(a) Explain why intangibles are classified as assets if they have no physical existence. [0.5 mark]
(b) Explain why intangibles are not considered monetary assets. [0.25 mark]
(c) And, why does the accounting profession make a distinction between internally created intangible assets andpurchased intangible assets? [0.25 mark]

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