Examlex
When accounting for inventory items in a governmental fund, a reclassification of the appropriate portion of fund balance is always required when the consumption method is used.
Intangible Asset
An asset without physical substance that holds value for a business, such as patents, trademarks, and copyrights.
Amortization
The process of spreading the cost of an intangible asset over its useful life for accounting and tax purposes.
Indefinite Life
An accounting term for assets that are not subject to depreciation due to their perpetual existence or usefulness.
Outstanding Common Stock
Shares that are issued by a company and held by investors, excluding any shares held as treasury stock by the company itself.
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