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 ...
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...
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.
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 ...
What does it mean to be an account receivable? 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 ...
Asset valuation Amortization Explore these related topics to gain a deeper understanding of how intangible assets contribute to a company’s value, the methods used to protect and value them, and their impact on financial statements and business strategy. ...
I can think of another example of an intangible asset. I suppose it could fall under the category of trade secrets. This example is a secret formula. Soda companies each have their own, and I hear that they guard them very closely. In fact, the Coca-Cola company went to extremes to hi...
Give an example. Explain in detail. What are some asset accounts that have a credit balance? What accounts are affected when selling a fixed asset? What is the accounting definition of an asset? What is the significance of Accumulated Depreciation as an asset account?
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 mailing list of clients or ...
What Is an Intangible Asset? Anintangible assetis an asset, such as a trademark or copyright, with no physical presence. That contrasts withtangible assets, such as a building, a piece of machinery, or a fleet of trucks. For accounting and tax purposes, intangible assets can beamortized, wh...