Fixed Assets Can Be Either Tangible or Intangible

question 31

Multiple Choice

Fixed assets can be either tangible or intangible. Intangible assets are:

• A) property, plant and equipment.
• B) can be converted to cash in the normal course of business.
• C) can be very valuable, although they have no physical presence, such as trademarks or patents.
• D) are highly liquid.

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Definitions:

Reasonable Care

Reasonable care refers to the legal obligation to avoid acts or omissions that could foreseeably harm others, demonstrating the care a reasonable person would exercise under similar circumstances.

Dangerous Conditions

Circumstances or factors that pose a risk of injury to people or damage to property.

Tort Reformer

An advocate or part of a movement aimed at changing the laws governing civil wrongs to reduce litigation or limit damages.

Insurance Crisis

An Insurance Crisis occurs when insurance coverage becomes difficult to obtain, often due to a high demand and low supply, leading to increased premiums and restrictive terms.