Question

Intangible assets Are rights, land, and competitive advantages to the owner, used in operations, having no...

Intangible assets

Are rights, land, and competitive advantages to the owner, used in operations, having no physical substance

Include patents, leaseholds, and land improvements

Are patents, copyrights, and trademarks and can be amortized

Are shown on the income statetmant

All of these
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Answer #1

Correct answer---------------Are patents, copyrights, and trademarks and can be amortized

.

Intangible assets are assets that have no physical appearance or form. Intangible assets are recorded when cash is paid for them such as copyrights, patent etc. Just like a tangible asset intangible assets are used to generate cash flow for business.

Intangible assets are amortized for their useful life.

Land and land improvement are tangible assets.

Intangible assets are shown on balance sheet.

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