Which of the following groups would be classified as intangible assets for financial accounting and reporting purposes?
A) long-term notes receivable, copyrights, goodwill, and trademarks
B) patents, computer software costs, franchises, copyrights, goodwill and trademarks
C) computer software costs, research and development costs for internally developed patents, patents, and goodwill
D) organization costs, goodwill, costs of employee training programs, and trademarks

Question

Quizplus · Accepted Answer

Patents, computer software costs, franchises, copyrights, goodwill, and trademarks are all examples of intangible assets for financial accounting and reporting purposes. Long-term notes receivable and organization costs are not considered intangible assets for reporting purposes. Research and development costs for internally developed patents may be considered intangible assets depending on certain criteria being met, but it is not listed as an option in this question. Costs of employee training programs may be considered a type of expense, but not an intangible asset.

Which of the Following Groups Would Be Classified as Intangible