Final answer:
For intangible assets, the straight-line method is most commonly used for amortization, spreading the cost over the asset's useful life.
Step-by-step explanation:
When it comes to intangible assets, the most commonly used amortization method is the straight-line method. This method involves evenly spreading the cost of the intangible asset over its useful life. The declining balance method, units-of-production method, and sum-of-the-years'-digits method are typically used for tangible assets with a more rapid decline in value or usage-based depreciation patterns, which do not generally apply to intangible assets.
Therefore, for intangible assets that are amortized, such as patents, trademarks, and copyrights, the straight-line method is considered the standard approach. Under this method, the same amount of amortization expense is recognized each accounting period until the intangible asset's cost is fully amortized or the asset reaches the end of its useful life. The straight-line method is commonly used for amortizing intangible assets. This method allocates the cost of the intangible asset evenly over its useful life. This means that the same amount of amortization expense is recognized in each accounting period. Other methods like declining balance, units-of-production, and sum-of-the-years'-digits are more commonly associated with depreciation of tangible assets rather than amortization of intangible assets.