Intangible Assets Are Assets That Are Long-Term, Have Physical Form

question 44

True/False

Intangible assets are assets that are long-term, have physical form, and are used to produce or sell products and services.

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Definitions:

Ledger Balances

The total balances of all accounts in a ledger at a specific point in time, reflecting the cumulative effect of all transactions.

Posting

The process of transferring entries from a journal to the respective accounts in the general ledger.

Trial Balance

A financial statement listing each account and its balance, used to verify equality of debits and credits.

Withdrawals Account

An account used in bookkeeping to record amounts drawn out by an owner or partner from a business for personal use.