GENERAL KNOWLEDGE

Detailed explanation-1: -Goodwill, brand recognition and intellectual property, such as patents, trademarks and copyrights, are all intangible assets. Intangible assets exist in opposition to tangible assets, which include land, vehicles, equipment, machinery and inventory.

Detailed explanation-2: -Intangible Assets An intangible asset is an asset that is not physical in nature. Some examples of intangible assets are goodwill, intellectual property (patents, copyrights or trademarks) and brand recognition. These intangible assets exist in opposition to tangible assets like land, equipment, machinery or inventory.

Detailed explanation-3: -Examples of intangible assets include goodwill, brand recognition, copyrights, patents, trademarks, trade names, and customer lists.

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.