OBJECTIVE 5 TOPIC: Accounting for Intangible assets 16. List and define four examples of intangible assets. 1. 2. 3. 4. NOTE: Fixed assets are 'Depreciated" by recognizing a portion of the original cost on the income statement as "Depreciation Expense". Rather than the terms 'Depreciated" and 'Depreciation Expense different terms are used for 'intangible assets' and 'natural resources'. 17. What word is used for the expense of intangible assets? 18. Define Amortization: 19. Why isn't goodwill amortized? If not amortized, when is goodwill recognized? OBJECTIVE 6 TOPIC: Reporting Fixed Assets, Intangibles, Depreciation and Amortization on Statements 20. How do depreciation and amortization show up on the income statement? 21. How and where do fixed assets, intangible assets, depreciation, and amortization show up on the balance sheet