Asked by Sharolyn Campbell on May 05, 2024
Verified
All of the following are tangible assets EXCEPT
A) cash.
B) patents.
C) building.
D) inventory.
Tangible Assets
Physical and material assets that have value, such as machinery, buildings, and inventory, which can be seen, touched, and quantified.
Patents
Legal documents that grant the holder exclusive rights to a process, design, or new invention for a designated period of time.
Cash
Money in the form of coins and banknotes, which is used to carry out transactions.
- Highlight the distinctions between types of assets, liabilities, and owner's equity.
Verified Answer
HB
Hannah BeatrixMay 06, 2024
Final Answer :
B
Explanation :
Patents are considered intangible assets because they represent a legal right or privilege, rather than a physical object. Tangible assets, like cash, buildings, and inventory, have a physical form.
Learning Objectives
- Highlight the distinctions between types of assets, liabilities, and owner's equity.