GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Goodwill
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Furniture
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Land & Building
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Plant & Machinery
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Detailed explanation-1: -Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.
Detailed explanation-2: -These intangible assets include goodwill, patents, trademarks, copyrights and more.
Detailed explanation-3: -Customer loyalty, brand reputation, and other non-quantifiable assets count as goodwill. Intangible assets are those that are non-physical, but identifiable. These include a company’s proprietary technology (computer software, etc.), copyrights, patents, licensing agreements, and website domain names.
Detailed explanation-4: -The main types of intangible assets are goodwill, brand equity, Intellectual properties (Trade Secrets, Patents, Trademark and Copyrights), licensing, Customer lists, and R&D. Usually, the values of intangible assets are not recorded in the balance sheet.