An Intangible Asset

question 8

Multiple Choice

An intangible asset

• A)derives its value from the rights and privileges it provides the company.
• B)is worthless because it has no physical substance.
• C)is converted into a tangible asset during the year.
• D)cannot be classified on the statement of financial position because it lacks physical substance.

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Definitions:

Animal Products

Products derived from parts of or secretions from animals, including meat, dairy, eggs, and honey, used for human consumption or other purposes.

Protein Requirements

The necessary amount of protein an organism needs to consume to maintain health, growth, and bodily functions.

Consuming

The act of eating or using up resources or goods, often resulting in the diminishment of the consumed items.

Sodium Bicarbonate

A chemical compound commonly known as baking soda, used in baking, as an antacid, and in cleaning.