Intangible Assets Are

question 47

Multiple Choice

Intangible assets are

• A) listed under current assets on the statement of financial position.
• B) not listed on the statement of financial position because they do not have physical substance.
• C) non-current resources.
• D) listed as a long-term investment on the statement of financial position.

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Definitions:

Quantum Meruit

“As much as he has earned.” A quasi-contractual remedy that permits a person to recover a reasonable price for services and/or materials requested, where no price is established when the request is made.

Specific Performance

A court order requiring a party to fulfill their obligations under a contract, rather than providing a financial compensation for failing to fulfill it.

Opera Singer

A performer, usually professionally trained, who specializes in singing classical music compositions in operas.

Rembrandt Drawing

An artwork rendered in pencil, ink, or another medium by Rembrandt van Rijn, a renowned Dutch artist known for his paintings and drawings.