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Which are essential characteristics of an intangible asset

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Reference no: EM132964593

Problem 1. Which of the following are the essential characteristics of an intangible asset?

a. Identifiability, controlled by enterprise, expected economic benefits and indefinite life.

b. Identifiability, controlled by enterprise and indefinite life.

c. Identifiability, owned by enterprise, expected economic benefits and definite life.

d. Identifiability, controlled by enterprise and expected future economic benefits.

Problem 2. Which of the following does not describe intangible assets?

a. They lack physical existence.

b. They are monetary assets.

c. They provide long-term benefits.

d. They are classified as long-term assets.

Reference no: EM132964593

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