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Which of the following characteristics describe intangible assets? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

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Answer: An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible

1. They lack physical existence.

2. They provide long-term benefits.

3. They are classified as long-term assets.

Explanation:

Examples of intangible assets include goodwill, brand recognition, copyrights, patents, trademarks, trade names, and customer lists. You can divide intangible assets into two categories: intellectual property and goodwill. Intellectual property is something that you create with your mind, such as a design.

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