Asked by
LaTonya Lewis-Tunsil
on Oct 16, 2024Verified
Intangible assets are long-term resources that benefit business operations that usually lack physical form and have uncertain benefits.
Intangible Assets
Assets that lack physical substance but have value due to the rights and advantages they provide to the business, such as patents, copyrights, and trademarks.
Uncertain Benefits
Advantages or gains that are not guaranteed or clearly defined, often associated with investments or business ventures.
Physical Form
Refers to the tangible structure or configuration of an object, particularly indicating its real, material state as opposed to a digital or conceptual form.
- Recognize the nature and treatment of intangible assets within the accounting framework.
Verified Answer
JM
Learning Objectives
- Recognize the nature and treatment of intangible assets within the accounting framework.