Intangible assets ________.
A) Are generally considered very liquid.
B) Are classiﬁed on the statement of ﬁnancial position just before accounts receivable.
C) Include such things as patents.
D) Include any item that exists physically.
E) Are not generally very valuable.

Question

Quizplus · Accepted Answer

Intangible assets include patents among other things and are classified separately from physical assets on the statement of financial position. Option A,E are incorrect as the liquidity and value of intangible assets varies and option B is incorrect as intangible assets are typically classified after accounts receivable. Option D is also incorrect as intangible assets are non-physical assets.

Intangible Assets ________