Question

2. Long term assets having no physical existence but, possessing a value are called
(a) Intangible assets
(b) Fixed assets
(c) Current assets
(d) Investments​

Answer 1

Answer:

a) Intangible assets

Explanation:

Intangible assets don't have physical appearance but they are valuable

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Answer 2

The correct answer is OPTION A: Intangible Assets.

• Intangible assets include non-physical quasi-properties.
• When an asset can be separated or arises from contractual or other legal rights, it is distinct.
• Assets that can be sold, transferred, licenced, or otherwise separated are known as separable assets.
• It's not always apparent what it costs to generate an intangible asset vs what it costs to maintain or improve an entity's internal operations or goodwill.
• To begin valuing intangible assets, costs are used.
• After first recognition, intangible assets are normally valued at cost less cumulative amortisation.
• It may choose to measure the asset at fair value in rare circumstances where fair value can be determined by referring to an active market.
• Throughout their useful lives, intangible assets deteriorate and become impaired.