The balance sheet category "intangible assets" includes:
A)Patents,trademarks,and franchises.
B)Equipment,land,and buildings.
C)Investments,receivables,and cash.
D)Goodwill,inventory,and vehicles.

Question

Quizplus · Accepted Answer

Intangible assets are assets that lack physical existence but have value to the business, such as intellectual property or brand recognition. Therefore, patents, trademarks, and franchises are examples of intangible assets. B, C, and D are all incorrect as they include items that are classified as tangible assets or other balance sheet categories like investments or inventory.

The Balance Sheet Category "Intangible Assets" Includes