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- Name – Quiz 26 – Intangible Assets – (Answers)
- Topic – Intangible Assets
- Answers with Explanation
Q1. Intangible assets created by the business are not shown in the balance sheet.
Ans. The given statement is True. Intangible assets which are self-made are not recorded in the balance sheet.
Q2. _____ is an intangible asset.
Ans. Intellectual property cannot be touched and has economic value. It is an intangible asset.
Q3. Logo of a company is an example of an intangible asset.
Ans. The given statement is True. Logo cannot be touched or felt and is an intellectual property of the business.
Q4. Intangible assets are usually less _____.
Ans. They cannot be converted into cash easily so it is said that intangible assets are less liquid in nature.
Q5. Intangible assets are _____ to quantify.
Ans. Without a physical form, it can be difficult to quantify an intangible asset.
Q6. Intangible assets are mostly for _____.
Ans. Intangible assets are usually long-term in nature.
Q7. Intangible means _____.
Ans. The literal meaning of the word is – “unable to be touched or grasped; not having a physical presence.”
Q8. Brand name is an intangible asset.
Ans. The given statement is True. A brand name cannot be seen but it brings value to the entity so it is an intangible asset.
Q9. Intangible assets have no physical existence and no value.
Ans. The given statement is False. Even though they do not have physical existence intangible assets are measurable and have value.
Q10. Which of the following is not an example of intangible assets?
Ans. Computer Hardware has physical existence therefore it is not an intangible asset.
Q11. Which of the following is an example of intangible assets?
Ans. Customer Data does not have any physical existence accordingly it is an intangible asset for the business.
Q12. Intangible assets do not have _____ existence.
Ans. Intangible means anything which cannot be touched or felt so an intangible asset means an asset which does not have a physical existence.