Which of the following should be classified as an intangible asset?
A)Land held for future use
B)Long-term notes receivable
C)Special funds established to pay off a debt
D)Copyright

Question

Quizplus · Accepted Answer

A copyright is an example of an intangible asset which is a non-physical asset that has economic value but lacks a physical substance. Land (choice A) is a fixed asset and long-term notes receivable (choice B) are financial assets. Special funds established to pay off a debt (choice C) do not qualify as an asset because they do not confer future economic benefits to the company.

Which of the Following Should Be Classified as an Intangible