Assets Are Financial and Physical Items Controlled or Owned by the Business

question 65

True/False

Assets are financial and physical items controlled or owned by the business.

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Definitions:

Intangible Property

Refers to non-physical assets such as intellectual property, copyrights, and trademarks.

Physical Existence

The state of having a real, tangible presence in the physical world.

Private Property

Land or belongings owned by individuals or entities that are not the government, encompassing exclusive rights of use and disposal.

Warehouseman

A person or company involved in the business of storing goods for others in a warehouse for compensation.