Intangible assets are non-monetary assets used in operations that benefit the entity over several accounting periods. Intangible assets can be either identifiable or unidentifiable. Identifiable assets are assets that are separate from goodwill and can be sold, rented, or exchanged. Examples of identifiable intangible assets include patents, trademarks and copyrights, motion picture films, mortgage, and permits. When a contractor is being vetted for a job, most people look at their past work and their credentials. To be a contractor, you would need licenses and permits to be approved by a company for a work order. Similarly, others would need to have a license or permit to sell food on the street, taco stands or food trucks. These are easy to obtain but there are regulations needed to maintain the license and there are yearly costs for these licenses and permits to stay up-to-date. This keeps food vendors honest with their quality of goods so that there are no health risks for the public.

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Thats correct Licenses and permits are examples of identifiable intangible assets They provide the l... View the full answer