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how is it possible that assets without any physical substance can have monetary value for accounting...

how is it possible that assets without any physical substance can have monetary value for accounting purposes?

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Answer. Yes it is possible that assets without any physical substance can have monetary value for accounting purposes.

The best example is INTANGIBLE ASSETS, as they do not have any physical substance, but have economic flow of value which is being recorded in books of accounts. Since these intangible assets cannot be touched or seen, however they have their own value which provide economic benefit to an organisation for long period of time, therefore they are being recorded in books of accounts at their economic value.

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