For some purposes, assets are classified as identifiable and unidentifiable. Which of the following is an unidentifiable asset?

Question

Quizplus · Accepted Answer

Goodwill is an unidentifiable asset because it represents the value of a business as a whole, including its reputation and customer loyalty, which cannot be separately identified or valued. Patents are identifiable assets because they can be specifically identified and valued. Cash in a foreign bank and prepaid insurance are also identifiable assets, as they can be specifically identified and valued.

For Some Purposes, Assets Are Classified as Identifiable and Unidentifiable