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Intangible Assets – 10 Things You Should Know !!

INTANGIBLE ASSETS

If a company owns assets then at the same time it also have liabilities that are required to be paid off. Assets can be classified into various categories like fixed assets , current assets , tangible assets , intangible assets etc. Similarly liabilities also can be classified into categories like short term liabilities , long term liabilities , current liabilities etc

Intangible assets are the assets that do not have physical existence but still they play an important role in the growth of the company. Like Goodwill , brand , reputation are some assets of the company that can not be touched and felt but still they attract a huge number of clients resulting in the growth of the company.

ICAI provides an Accounting Standard for the intangible assets. All the laws along with accounting standards are needed to be complied with while their computation and presentation.

Here is quiz for you to examine your knowledge on Intangible Assets.

Take This Challenge !

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