Operating Assets with No Physical Properties Are Called

question 57

Multiple Choice

Operating assets with no physical properties are called

• A)current assets.
• B)intangible assets.
• C)plant assets.
• D)property,plant,and equipment.

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Definitions:

Novation

The act of replacing an old obligation with a new one, thereby extinguishing the original obligation.

Consideration

In contract law, the benefit or value that each party agrees to give or receive as part of a legal agreement.

Satisfaction

The fulfillment of a need or desire; in a legal context, the discharge of an obligation or debt.

Portrait

A portrait refers to a painting, drawing, photograph, or engraving of a person, especially one depicting only the face or head and shoulders.