Asked by Randell Baley on Jul 12, 2024
Verified
Intangible assets are long-lived assets that do not have physical substance.
Intangible Assets
Assets that lack physical substance, such as patents, trademarks, and goodwill.
Physical Substance
The material form or physical presence of an asset, distinguishing tangible assets from intangible ones.
- Distinguish between tangible and intangible assets and their accounting treatment.
Verified Answer
CS
Chris SnitkaJul 17, 2024
Final Answer :
True
Explanation :
Intangible assets include things like patents, copyrights, trademarks, and goodwill, none of which have a physical form.
Learning Objectives
- Distinguish between tangible and intangible assets and their accounting treatment.
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