An intangible asset is an asset that you cannot touch, since it lacks physical substance. Accountants record intangible assets at their cost when they are acquired. Some intangible assets have a limited life and are amortized to expense over that life. Other intangible assets have an unlimited ...
Asset is essentially anything that holds economic value and contributes to an individual's or organisation's net worth. Learn about assets definition, types, examples, and their significance in financial management.
An asset that can easily be converted into cashAnswer: A) An asset that is not physical in natureExplanation:An intangible asset can be named either endless or clear. An organization's image name is viewed as an endless theoretical resource since it stays with the organization however long it...
What is the difference between a current asset and a non-current asset? What is the depreciation "equivalent" for non-plant assets? What is the significance of Accumulated Depreciation as an asset account? Which of the following is NOT an example of an intangible asset? a) goodwill b) equi...
Types of Intangible Assets Intangible assets are generally considered long-term and theirvaluecan increase over time. An intangible asset like a brand name can be critical to a company's long-term success. Businesses can create or acquire intangible assets. For example, a company may create a ...
An asset is a resource with economic value that an individual or company owns or controls with the expectation that it will provide a future benefit.
Or, in plain language, an asset is something you own or control that you think can be converted into cash in the future or right now. Every business has assets. For example, a real estate developer’s assets include buildings and might include other financial assets, like stocks and ...
Example Take atrademarkfor example. A trademark is an intellectual property that gives a company exclusive use of a brand, symbol, or logo. Trademarks are worth millions of dollars, but in many cases are rarely capitalized for that much on the balance sheet. Why not?
An account receivable refers to the money owed to a business by its customers for goods or services provided on credit. It represents a financial asset and is recorded as a current asset on a company's balance sheet. What is an example of accounts receivable?
Also, the intangible asset must have an identifiable value and a long-term lifespan. You do not record intangible assets that you create within your business. For example, your logo is an intangible asset that holds value. But, you created the logo within your business. You did not buy ...