Which of the following statements is true concerning intangible assets?
A) Intangible assets have no economic substance.
B) Intangible assets lack physical existence.
C) Intangible assets are listed in the stockholders' equity section of the balance sheet.
D) Intangible assets appear in the current assets section of the balance sheet.

Question

Quizplus · Accepted Answer

Intangible assets lack physical existence, meaning they are assets that cannot be touched or seen but still hold value. Examples include patents, trademarks, and goodwill. They are not listed in the stockholders' equity section and may be found either in the long-term assets or other assets section of the balance sheet. They are not typically considered current assets.

Which of the Following Statements Is True Concerning Intangible Assets