Assets That Have Value to a Business but Are Not

question 32

Multiple Choice

Assets that have value to a business but are not visible are known as ______.

• A) intangible assets
• B) tangible assets
• C) long-term assets
• D) current assets

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Definitions:

Exchange Rate

The rate at which one currency can be exchanged for another, often determined by financial markets or government policy.

Cash Payment

The act of paying for goods or services with cash rather than through credit or any form of deferred payment.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) and used by companies outside of the United States.

LIFO

Last In, First Out, an inventory valuation method where the last items placed in inventory are the first ones sold.