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Question 1

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Intermediate Accounting (Kieso)
Found in: Page 637

Short Answer

What are the two main characteristics of intangible assets?

It is not physical, meaning it exists as a legal authority and is distinguishable from other assets.

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Step by Step Solution

Definition of intangible assets

An identified non-monetary item with no physical substance is known as an intangible asset. It is identifiable when an asset is separable or comes from contractual or other legal rights.

Characteristics

An intangible asset has two key characteristics: it is not physical, meaning it exists as a legal authority and is distinguishable from other assets.

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