Intangible assets are the rights and privileges that result from ownership of long-lived assets that a)have...
Intangible assets are the rights and privileges that result from ownership of long-lived assets that
a)have been exchanged at a gain.
b)must be generated internally.
c)are depreciated over their useful life.
d)do not have physical substance.
Homework Answers
Intangible assets are the rights and privileges that result from ownership of long-lived assets that do not have physical substance.
Correct option is (d)
Intangible assets are long term assets but these assets do not have physical substance like furniture, equipment , building etc.
These assets are generally acquired by paying cash from outsiders but goodwill is an exception which may be internally generated within the business.
Intangible assets like patents, copyrights are amortized over their useful life.
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