What are the characteristics of an intangible asset?
Chapter1: Financial Statements And Business Decisions
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What are the characteristics of an intangible asset?
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Asset refers to any economic value resource for an individual, corporation or a country. It owns/controls with the expectation that derives some benefit in the future. It is reported under the balance sheet. It is categories into non-current assets and current assets. Non-current assets refer to those asset which gives benefit for more than a year whereas Current assets refer to those asset which gives benefit within a year. It is assumed that operating cycle is of one year.
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