Asked by Lilinoe Kekaula-VanGieson on Jul 17, 2024
Verified
Which one of the following is an example of an intangible asset?
A) Accounts receivable.
B) Inventory.
C) Accounts payable.
D) Furniture.
E) Patent.
Intangible Asset
An asset that lacks physical substance but possesses value, such as intellectual property, brand recognition, or goodwill.
- Distinguish between different types of assets including intangible and current assets.
Verified Answer
LN
Linda NavarroJul 19, 2024
Final Answer :
E
Explanation :
Patents are considered intangible assets because they represent a legal right to exclude others from making, using, or selling an invention for a certain period of time, but they do not have a physical form.
Learning Objectives
- Distinguish between different types of assets including intangible and current assets.