Which of the following groups would be classified as intangible assets for financial accounting and reporting purposes?
A) long-term notes receivable, copyrights, goodwill, and trademarks
B) patents, software development costs, franchises, copyrights, and trademarks
C) computer software costs, development costs for internally developed patents, research, and goodwill
D) start-up costs, goodwill, costs of employee training programs, and trademarks

Question

Quizplus · Accepted Answer

Intangible assets are non-physical assets that provide economic benefits to their owners. Group B (patents, software development costs, franchises, copyrights, and trademarks) lists items that are recognized as intangible assets because they are identifiable, provide future economic benefits, and are controlled by the entity.

Which of the Following Groups Would Be Classified as Intangible