The Three Main Characteristics of Intangible Assets Are

question 100

Multiple Choice

The three main characteristics of intangible assets are

• A) identifiability, non-physical existence, and nonmonetary nature.
• B) identifiability, physical existence, and separability.
• C) separability, identifiability, and nonmonetary nature.
• D) physical existence, nonmonetary nature, and identifiability.

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Definitions:

Subsidiary Ledger

A detailed ledger that contains the individual accounts with a common characteristic, linked to a general ledger account.

Accounting Information System

A system used to collect, store, manage, process, retrieve, and report financial data for the users.

Manual Accounting System

A system in which someone performs each of the steps in the accounting cycle by hand.

Special Journals

Accounting books designed for recording specific types of transactions, such as sales, purchases, cash receipts, and cash disbursements.