Questions: Multiple Select Question Select all that apply What is an intangible asset? (Check all that apply) Intangible assets are used to produce or sell products and services and are usually depreciated. Intangible assets can easily be converted to cash. Intangible assets are long-term resources that benefit business operations, but lack physical form. The value of intangible assets comes from the privileges or rights granted to or held by the owner.

The answers are:

• Intangible assets are long-term resources that benefit business operations, but lack physical form.
• The value of intangible assets comes from the privileges or rights granted to or held by the owner.

This statement is incorrect. Intangible assets are not typically depreciated; instead, they are amortized over their useful life. Depreciation is generally associated with tangible assets.

This statement is incorrect. Intangible assets are not easily converted to cash. They are non-physical assets like patents, trademarks, and goodwill, which do not have a direct cash value.

This statement is correct. Intangible assets are indeed long-term resources that provide value to a business without having a physical presence.

This statement is correct. The value of intangible assets often derives from the legal rights or competitive advantages they provide, such as intellectual property rights.