Intangible assets are the rights and privileges that result from ownership of assets that

A) must be generated internally.
B) benefit only the current period.
C) have physical substance.
D) do not have physical substance.

Intangible Assets

Assets that do not have physical substance but are identifiable and provide future economic benefits, such as patents, trademarks, and copyrights.

Physical Substance

This refers to the tangible nature of an asset, meaning it can be seen, touched, or physically measured.