Brand values are expressed in terms of words such as ‘‘quality’’ and ‘‘integrity.’’ The Marketing Society rated the brand value of McDonald’s in 2008 at $10,417,000,000.*

Required
a. Define an asset.
b. In your opinion, do brands represent a valuable asset? Comment.
c. Under generally accepted accounting principles, should an internally generated brand value be recognized as an asset? Comment.
d. If the brand was purchased, should it be recognized as an asset? Comment.