Reference no: EM131917289
1. An intangible asset is a:
a. valuable fixed asset that has no physical existence.
b. physical fixed asset that loses value over time, such as equipment.
c. fully-depreciated fixed asset which has no remaining market value.
d. current asset with a negligible book value but considerable market value.
e. current asset with minimial market value and no physical existence.
2. A balance sheet is a financial statement that:
a. reports the cash flows of a firm as of a specified date.
b. reflects the firm's accounting value on a particular date.
c. records the revenues and expenses for a firm over a period of time.
d. reflects the market value of a firm as of the statement date.
e. reports the net income for a designated period of time based on the Generally Accepted Accounting Principles (GAAP).
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