Answered: Question Content Area Which of the…

Question Content Area Which of the following is not an intangible asset? Deferred tax asset Franchise Brand name Computer software

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 15DQ

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Question Content Area
Which of the following is not an intangible asset?

Deferred tax asset

Franchise

Brand name

Computer software

Definition Definition Estimated future tax made while preparing accounts. Deferred tax is estimated based on past and present transactions from financial statements. It is not the actual tax that needs to be paid or is refundable from the revenue authority; it is an accounting entry. It is necessary to account for deferred tax due to difference between accounting profits and taxable profits.

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