Question

24. Intangible assets have no value and are not listed on a company’s balance sheet. These assets are for internal company purposes only and are reviewed by company management.

a. true

b. false

Answer 1

Q 24. Answer- b. False.

Intangible assets are only listed on a company's balance sheet if they are acquired assets and assets with an identifiable value and useful lifespan that can thus be amortized. The accounting guidelines are outlined in generally Accepted Accounting principle (GAAP).

internally developed intangible assets do not appear as such on a company's balance sheets. The reason for not appearing in the balance sheet is because the intangible asset like logo ,trademark etc was developed internally and does not have a price that can be used to assign fair market value, as would be the intangible asset like logo, Trademark etc   part of the acquisition of another firm.

Intangible assets review by the manager who are experienced in dealing with researched and development costs are more careful about the project they select for.