CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

How Do Intangible Assets Affect Financial Statements?


Open in App
Solution

Since intangible assets are long term assets they must be recorded in the financial statement every time, but this is not the case.

As per accounting standards, the financial statements should not include any internally generated assets, instead they should include only those intangible assets that are acquired( either through acquisition or purchase) by the business.

Also read:

Learn about more questions and answers on business studies and various other commerce topics from our website.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Accounting Equation 1
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon