Define (1) tangible and intangible property, (2) real and personal property, and (3) a fixture.
tangible property are the assets that have physical property, that can be touch and hold value
tangible assets are depreciated
example are
plant property and equipment, land, building, cash, etc
intangible property are the assets that cannot be touch and see and doesn't have a physical form
intangible assets have monetary value because they represent potential revenue.
intangible assets are amortized
examples are
goodwill, patents, trademarks, etc.
real property is also called immovable property, everything that is permanently attached to the land and all of the interests, benefits, and rights inherent in the ownership of the real estate.
examples are buildings, dams, mines etc
personal property is movable and tangible in nature
examples are
car, furniture, etc and intangibles are bonds, shares etc
Step by step
Solved in 3 steps
