John Thomas has recently entered into an agreement with Longman Inc. Under this agreement, John will sell its products using the trade name of Longman in a specified geographical location. What type of intangible asset is this agreement between John Thomas and Longman Inc.?
A) contract-related intangible assets
B) artistic-related intangible assets
C) marketing-related intangible assets
D) customer-related intangible assets

Question

Quizplus · Accepted Answer

This agreement between John Thomas and Longman Inc. is a contract-related intangible asset as it is an agreement that gives John Thomas the right to use Longman's trade name for selling its products in a specified geographical location.

John Thomas Has Recently Entered into an Agreement with Longman