An Intangible Asset Has No Physical Existence and No Life

question 61

True/False

An intangible asset has no physical existence and no life.

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Definitions:

Ledger

A comprehensive collection of all accounts and financial transactions of a company, organization, or individual.

Account Numbers

Unique identifiers assigned to individual accounts in an organization's chart of accounts, facilitating accurate recording, classification, and reporting of financial transactions.

Normal Credit Balances

Accounts with a credit balance as expected in the accounting equation; for instance, liabilities, equity, and revenue accounts normally have credit balances.

Revenues

The total amount of money received by a company for goods sold or services provided during a certain period of time.