Chapter 12, Problem 4Q

To determine

Intangible assets: An asset that has no physical appearance but has money value is termed as intangible assets.

The two types of intangible assets are:

• Internally created/generated intangible asset
• Purchased intangible asset

Examples of internally created intangible asset are computer software, licenses, trademarks, patents, films, copyrights, import quotas etc.

To determine and distinct between internally created intangibles and purchased intangibles.