what is amortization?
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Answer / vinay kumar . pagidikondala
It is a process of writing of intangible assets.
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Answer / vaheeduddin.md
Amortization usually refers to spreading an intangible
asset's cost over that asset's useful life. For example, a
patent on a piece of medical equipment usually has a life
of 17 years. The cost involved with creating the medical
equipment is spread out over the life of the patent, with
each portion being recorded as an expense on the company's
income statement.
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Answer / srikar
gradually reduces the value of goodwill and tangible assets
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Answer / dharmesh sati
Amortization, an accounting concept similar to
depreciation, is the gradual reduction of the value of an
asset or liability by some periodic amount (i.e., via
installment payments). In the case of an asset, it involves
expensing the item over the "life" of the item—the time
period over which it can be used. For a liability, the
amortization takes place over the time period that the item
is repaid or earned. Amortization is essentially a means to
allocate categories of assets and liabilities to their
pertinent time period.
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Can somebody please tell that what will be the accounting entry from auditor's point of view, If a company receive a bill of Rs. 12000 for AMC of Software for the period from 01.08.2014 to 01.08.2015. bill dated 01.05.2015, Can somebody please tell that what will be the accounting entry from auditor's point of view, If a company receive a bill of Rs. 12000 for AMC of Software for the period from 01.08.2014 to 01.08.2015. bill dated 01.05.2015, what will be entry pass in 01.05.2015 in tally
Audit 
