Which of the following would appear in the intangible asset section of a classified statement of financial position?

Question

Quizplus · Accepted Answer

Intangible assets are non-physical assets that lack a physical form and are identifiable. They include patents, trademarks, copyrights, goodwill, and others. Accumulated depreciation is associated with tangible assets and reduces their carrying value. Cash and trade receivables are current assets that are expected to be converted into cash within the next 12 months and would be classified under current assets section. Therefore, the only item that would appear in the intangible asset section of the statement of financial position is Patents.

Which of the Following Would Appear in the Intangible Asset