Assets that do not have a physical subsistence but which are expected to provide future benefits are known as:
A) non-current assets.
B) tangible assets.
C) intangible assets.
D) cash at bank.

Question

Quizplus · Accepted Answer

Intangible assets are assets that have no physical substance but are expected to provide future benefits to the company. Examples of intangible assets include patents, trademarks, copyrights, and goodwill. Non-current assets refer to assets that are not expected to be converted into cash in the next 12 months, while tangible assets are assets that have a physical substance. Cash at bank is a current asset, as it is expected to be converted into cash in the next 12 months.

Assets That Do Not Have a Physical Subsistence but Which