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Different types of intangible assets AO1

AO1 You need to be able to: Demonstrate knowledge and understanding. Command terms: These terms require students to learn and comprehend the meaning of information. Define, Describe, Outline, State

Intangible assets

Intangible refers to anything that does not exist as an object and therefore cannot be touched - like feelings and emotions.

An intangible asset then is an asset that does not exist as a physical thing? Examples of intangible assets are goodwill, brand loyalty, intellectuel property rights such as copyright and patents.

Intangible assets are recorded under fixed assets normally but you will not be asked to include them in any preparation of or questions about the Balance Sheet  - see the Assessment Objective (above or on syllabus)