Intangible assets are reported on the statement of financial position
A) with an accumulated depreciation account.
B) in the property, plant, and equipment section.
C) as a separate item.
D) None of these choices are correct.

Question

Quizplus · Accepted Answer

Intangible assets are reported as a separate item on the statement of financial position, typically after property, plant, and equipment. They are not depreciated like tangible assets and therefore do not have an accumulated depreciation account.

Intangible Assets Are Reported on the Statement of Financial Position