Question

An intangible asset

a. is converted into a tangible asset during the operating cycle.
b. cannot be classified on the balance sheet because it lacks physical substance.
c. does not have physical substance, yet often is very valuable.
d. is worthless because it has no physical substance.

Answer 1

Answer:

The correct answer is letter "C": does not have physical substance, yet often is very valuable.

Explanation:

Physically, intangible assets do not exist but they are important since they represent potential revenue. Types of intangible assets include brand recognition, intellectual property and legitimate patents such as patents, trademarks, and copyrights. Intangible Assets do not have value for accounting recording purposes.

Answer 2

Answer:ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc

Explanation: