Question: An intangible asset: A. does not have physical substance, yet often is very valuable. B. is worthless because it has no physical substance. C. is

An intangible asset:

A. does not have physical substance, yet often is very valuable.

B. is worthless because it has no physical substance.

C. is converted into a tangible asset during the operating cycle.

D. cannot be classified on the balance sheet because it lacks physical substance.

Which one of the above is correct?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Financial Accounting Study Guide 11th edition 23. Transactions are recorded in alphabetic order in a journal 24. The trial balance will not balance when incorrect account titles are used in...

Q:

Thanks A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the average-cost method, the amount allocated to cost of goods sold for July is a. $1,380....

Q:

hurry please 2. A current asset is a. the last asset purchased by a business. b. an asset which is currently being used to produce a product or service. c. usually found as a separate classification...

Q:

please some account genius can help me with my paper from my text book material and calculate ratios for coca-cola company i have all the pages pictures posted i know its alot help will be great if...

Q:

Can you please answer this question? 7} Tangible Assets Q - Compatibility Mode Home Insert Draw Design Layout References Mailings Review View 9 Tellme AaBchDdEe AaBchD AaBchDa Heading 1 [an o X...

Q:

Need the required for exercise2-5 thru 2-16 for year 2014 per provided information on attachement. CHAPTER 2 THE FINANCIAL STATEMENTS CHAPTER LEARNING OBJECTIVES Upon completion of this chapter, you...

Q:

Please workexercise 2-6 thru 2-12, chapter 2 pages and work template attached. CHAPTER 2 THE FINANCIAL STATEMENTS CHAPTER LEARNING OBJECTIVES Upon completion of this chapter, you should be able to:...

Q:

Please workexercise 2-6 thru 2-12, chapter 2 pages and work template attached. CHAPTER 2 THE FINANCIAL STATEMENTS CHAPTER LEARNING OBJECTIVES Upon completion of this chapter, you should be able to:...

Q:

1. Which of the following statements is true? A. An identifiable intangible asset developed internally is never recognized in the accounts as an asset. B. The only costs of an internally developed...

Q:

Distinguish between a tangible and an intangible asset. (Select all that apply.) Tangible assets are A. tangible in nature. B. lack physical substance. C. used in the production and sale of other...

Q:

Draw a class diagram for the cars and owners described in exercise 9 but include subclasses for sports car, sedan, and minivan with appropriate attributes.

Q:

If the efficiency of a power plant goes up as the low temperature drops why not let the heat rejection go to a refrigerator at say 10oC instead of ambient 20oC?

Q:

25. Grabbit Cleaning and Maintenance, owned by Charles Grabbit, provides cleaning services to hotels, motels, and hospitals. On January 31, 20X1, the firms worksheet showed the following adjustment...

Q:

In most real-life queuing systems, the service provider has its average capacity larger than the average service demand, why we still see many long queues of customers waiting in line in front of the...

Q:

4. Present multiple themes at once. Then you will get to know a little about how others think, when some of the themes are rejected.

Q:

5. Get a third party to mediate, so that both parties have the opportunity to go back to their original negotiating point that they had before the third party put forward his/her proposal.

Q:

1. Discuss the following statements: a) What we seek to achieve is different from why we seek to achieve it. b) Thoughts are different from what we are thinking about. c) Writing to find out what one...