In addition to purchased assets like inventories and equipment, companies also may report on their balance sheets intangible assets such as the value of a brand name.

Question

Quizplus · Accepted Answer

Intangible assets, including brand names, are recognized on the balance sheet if they provide future economic benefits to the company and can be measured reliably. These assets lack physical substance but are valuable resources to the company.

In Addition to Purchased Assets Like Inventories and Equipment, Companies