Identify the Following Terms

question 27

Short Answer

Identify the following terms.
-Dutch West India Company and Dutch East India Company

---

Definitions:

Intangible Assets

Non-physical assets owned by a business, such as patents, copyrights, trademarks, and goodwill, that provide economic benefits.

Fixed Assets

Long-term tangible assets held for business use and not expected to be converted into cash in the short term, such as buildings, machinery, and vehicles.

Fixed Asset Account

An account on the balance sheet that reports the cost and accumulated depreciation of long-term tangible assets used in the operations of a business.

Accumulated Depreciation

The cumulative depreciation of an asset up to a single point in its life, reflecting its decrease in value over time.