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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Describe the benefits that intangible assets provide to a company.

To determine

Fixed Assets:

Fixed assets are the assets of the company which are used by the business in the long term for getting future benefits and against which the expense in the form of depreciation is claimed in the income statement.

Intangible Asset:

The intangible asset is the one which provides future economic benefit and cannot be touched or seen. It is expensed in the name of amortization.

To select:

The benefits that intangible assets provide to company.

Explanation

The intangible assets provide different benefits to the company as per their nature which are as follows:

  • Goodwill:

    This intangible asset provides benefit of carrying out the business smoothly in the competitive scenario as the name of the business became so loyal and satisfactory to the customers which add on the goodwill of the business...

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