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TANGIBLE & INTANGIBLE ASSETS / DEPRECIATION VS. AMORTIZATION / ACCOUNTING FOR BEGINNERS #101 - YouTube
Channel: CPA Strength
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yo yo yo CPA strength here back with
another video you already have some fun
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learn some accounting and let's just get
it in this is accounting for beginners
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101 I have a complete playlist over here
so check this out if you want to see
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more kind videos it's a really good
playlist I have this thing dc-8 ler
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helps a lot of people well let's get
this in I got this I got this from a
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comment from a video I answer all
comments and if you have a question for
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another video let me know because I know
this will at least help one person out
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and I'm all about helping people so
let's get this in this is tangible
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assets first intangible assets and I
just want to keep this will just go an
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inch deep on this let's keep it very
tricky but very simple now you have an
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asset I I looked
what's an asset it provides an economic
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benefit it provides a benefit something
that provides a benefit to the company
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let's say like that now you have either
it's going to be a tangible asset or an
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intangible asset tangible asset you can
it has physical form you can touch it
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see it move it intangible not physical
in nature
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can't touch see or move you don't want
to really overthink this there are some
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that can be and like I left them out but
just you don't want to overthink this if
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you think it's a tangible asset it
probably is you know examples of a
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tangible asset tangible assets machine
can you touch see and move a machine
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like a bulldozer yeah I can I can touch
it I can see it I can move it from place
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to place that's tangible touch tangible
intangible is really just say opposite
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of tangible a building now see you have
to just use your common sense
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like you can't press you could move some
buildings but you know you can't leave
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move a building but can I touch it can I
see it you know I can touch the building
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touch the walls can I go inside the
building yes I guess you could move it
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it's physical nature though a vehicle a
car or a truck or whatever can I see can
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I see it
yes can I touch it yes can I move it yes
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inventory can I can I touch the
inventory can I move the inventory can I
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see the inventory yes those are all
examples of tangible goods has physical
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form touch see and move I left out some
I left out some that are like maybe but
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these are like the for sure one so you
know this is really this is probably for
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you want to know or you want to pass an
accounting test so let's just go let's
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just keep her the easy ones now I think
you know the best way to know is
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examples so those were these are good
examples of tangible assets what are
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good examples of in tangible assets not
physical in nature can't touch can't see
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you know and I do have to say a little
caveat from the intangible I mean see a
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house might be like nitpicky like you
don't want to be like patent is it
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intangible you're like oh well I can see
the patent paper we're not talking about
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just a paper you got to think of what is
a patent it's it's an eye it's an idea
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it's an intellectual idea these are more
intangible I think you could say see
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tangible you could say touch tangible
touch intangible is more of intellectual
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right intellectual intangible and I
start to the
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to intellectual probably spelt that
wrong but you get it I'm not that
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intellectual I spelt that wrong but it's
okay
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not a spelling bee champ here so patent
is an idea for you know can you type
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it's just an idea it says hey this is my
idea how to do something you're not
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allowed to use this certain idea or
method for you so I want to protect
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myself so it's the patent is is an idea
you can't really touch or move the idea
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copyright lets Google search where it
says one of the copyright is your so I
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won't like a jackass totally although
I'm looking like a jackass here copy
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copyright intellectual property protects
original works of authorship trademarks
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is like your symbol now I know you could
touch the symbol but it's like no that's
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my idea
that's my intellectual property of a
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trademark now goodwill is a very good
will is a very good example of
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intangible goods meaning the goodwill is
is the the aura the essence of a company
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you can't really you can't really see
the goodwill it's just like the name
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recognition like I don't know coke Coca
Cola you know everyone knows coca-cola
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and stuff like that now when you're if
you would buy their business they might
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have tangible they have tangible goods
you know all their machines all their
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buildings all their inventory you know
their soft drinks and stuff so all that
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might add
to a certain amount of money you know
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like twenty billion dollars might be all
their tangible assets but then they
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might say oh well we're gonna simply
sell it to you for four thirty billion
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you know ten more billion than our
physical assets because of the goodwill
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because of the name recognition the
brand recognition but you can't really
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touch the goodwill so that's intangible
so those are examples of tangible and
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intangible now you're not gonna you're
not going to always depreciate all
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tangible assets but if you do you
deplete you depreciate depreciation for
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tangible assets amortization for
intangible assets anyways this is
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accounting for beginners 101 I hope to
see you back soon I love doing these
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videos I love helping people I hope this
helped you in anyways until next time
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deuces
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