Jerand has written three books which have been copyrighted and published by a national publisher.He also invented and patented a desktop cover that can change a desk from sitting desk to a standing desk and back again using powered telescoping legs.He is using an accounting program to prepare his business accounting records.The program asks questions about the different aspects of his business and has asked him how the book copyrights and patent should be classified.Which of the following would be the proper designation for the copyrights and patent?
A) Owners' equity
B) Liabilities
C) Intangible assets
D) Fixed assets

Question

Quizplus · Accepted Answer

The copyrights and patent should be classified as intangible assets because they are not physical assets but still hold value and can be sold or licensed.

Jerand Has Written Three Books Which Have Been Copyrighted and Published