An intangible asset
A) derives its value from the rights and privileges it provides the company.
B) is worthless because it has no physical substance.
C) is converted into a tangible asset during the year.
D) cannot be classified on the statement of financial position because it lacks physical substance.

Question

Quizplus · Accepted Answer

Intangible assets are valuable because they provide rights and privileges to the company, despite lacking physical substance.

An Intangible Asset