Intangible assets are the rights and privileges that result from ownership of long-lived assets that
A) must be generated internally.
B) are depletable natural resources.
C) have been exchanged at a gain.
D) do not have physical substance.

Question

Quizplus · Accepted Answer

Intangible assets are assets that lack physical substance and are non-monetary in nature, such as patents, copyrights, trademarks, and goodwill. They are not generated internally in the same way as tangible assets which can be produced through a manufacturing or production process. They also differ from natural resources, which are tangible assets that are exhaustible in nature. Finally, they are not exchanged at a gain, as gains or losses are recognized only when the asset is sold or disposed of.

Intangible Assets Are the Rights and Privileges That Result from Ownership