Question

the long term asset that have no physical existence but r rights that have no value is known as????

Answer 1

primarily assets are of Two types

1) Fixed assets - these are held in the business for long period..these are called as -longterm assets eg: furniture,patents,buildings..

2) Current assets - these are held in business for short periods.. eg:bills receivables

Fixed assets are again Divided into two types..

1)Tangible assets - Assets having physical existence...eg : building,land

2) Intangible Assets - Assets that doesnot have physical existence... eg: patents ,software etc.

So The -longterm asset that have no physical existence but are right that have no value is known as Intangible Asset

Answer 2

The long term asset that have no physical existence but rights that have no value is known as Intangible asset ..

Intangiable asset is a non-physical asset having a useful life greater than one year.

These assets are generally recognized as part of an acquisition, where the acquirer is allowed to assign some portion of the purchase price to acquired intangible assets. Few internally-generated intangible assets can be recognized on an entity's balance sheet.

Examples of intangible assets are:

1.Goodwill

2.Trademark

3.Copyrights

4.Patents

5.Royalty

6.Computer Software

Hope its useful..!!