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Intangible assets should be reported under the heading Property, Plant, and Equipment. should be reported as a separate classification on the balance sheet. should be reported as Current Assets on the balance sheet. are not reported on the balance sheet because they lack physical substance.

Answer :

fatimakincsem

The correct answer would be option B, Should be reported as a separate classification on the balance sheet.

Intangible assets should be reported as a separate classification on the balance sheet.

Explanation:

There are two types of assets of an organization. One is Tangible and the other is Intangible.

  • Tangible assets are the assets that have some physical presence. For example, Land, machinery, equipment, etc
  • Intangible assets are the assets that have no physical presence but are very important for an organization. For example, Patents, Copyrights, Goodwill, trademarks, etc.

So intangible assets are classified separately on the balance sheet of the financial statements.

Learn more about Tangible and intangible assets at:

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