What is an example of an intangible asset?

Question

BlackTom AI · Accepted Answer

To identify which option represents an intangible asset, let's consider what intangible versus tangible assets are.
Option 1: 'office furniture' — This is a physical item that you can touch and see. It is a tangible asset, not intangible.
Option 2: 'patents' — A patent is a legally protected right that provides exclusive control over an invention for a period of time. It does not have a physical form, so it is classified as an intangible asset.
Option 3: 'land' — Land has a physical presence and can be touched; it is a tangible asset, not intangible.
Option 4: 'buildings' — Buildings are physical structures that can be seen and touched, making them tangible assets.
In summary, the distinguishing feature is whether the asset has a physical substance. Intangible assets are non-physical rights or privileges, such as patents, whereas office furniture, land, and buildings are physical items. Therefore, among the choices, patents are the intangible asset.

VPAB13H3 F LEC01 Final Exam Quiz

What is an example of an intangible asset?

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