Something of value that cannot be physically touched, such as a brand, franchise, trademark, or patent is the definition of:
a. Tangible assets
b. Intangible assets
c. Fixed assets
d. Current assets
e. Non - current assets
Answer: B
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ACC101 Chapter 8
- A condition in which a company's expenses exceed its revenues. What does that mean:
- A method of valuing inventory in which the items acquired last are treated as the ones sold first. What is it?
- A method of valuing the cost of goods sold that uses the cost of the oldest items in inventory first. What is it?
- The value of an asset as it appears on a balance sheet, equal to cost minus accumulated depreciation is definition of:
- Calculated as sales minus all costs directly related to those sales. It is about:
- Accounts receivable that may become uncollectible and will be written off , is known as:
- Money which a company owes to vendors for products and services purchased on credit. This item appears on the company's balance sheet as a current liability.
- Accounts receivable refers:
- John, the owner of Matt company, withdrew $8,000 from the business during the current year. The entry to close the withdrawals account at the end of the year, is:
- J. Awn, the proprietor of Awn Services, withdrew $8,700 from the business during the current year. The entry to close the withdrawals account at the end of the year, is:
- The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the:
- Repayment of the loan for the bank $ 2,000 cash
- Which accounts used to record amounts owed to suppliers for products or services purchased on credit?
- A company purchased a plant asset for $45,000. The asset has an estimated salvage value of $6,000, and an estimated useful life of 10 years. The annual depreciation expense using the straight-line method is
- Book value is equal to:
- Which statement is true?
- Which statement is true?
- Which of the following assets is not depreciated?
- An estimate of an asset's value at the end of its benefit period is called:
- Which statement is true:
- Net Sales minus Cost of Goods Sold equals to:
- Which are expected to be sold collected or used within one year or the company's operating cycle?
- A business is accounted for separately from other business entities, including its owner.
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