Intangible Assets Are Defined by the GASB as Capital Assets

question 35

True/False

Intangible assets are defined by the GASB as capital assets that lack physical substance, have a useful life of more than one reporting period, and are nonfinancial in nature.

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Definitions:

Collaborate

To work jointly with others on a project or activity, often producing something or achieving a common goal.

Free French Forces

were French volunteers in World War II who fought against German occupation and Vichy France, under the leadership of General Charles de Gaulle.

Charles de Gaulle

A French army officer and statesman who led the Free French Forces during World War II and later became President of France.

Atomic Bomb

A weapon of mass destruction that derives its destructive force from nuclear reactions, either fission or a combination of fission and fusion, first used in warfare by the United States in World War II.