Assets having physical existence are called ___________?
Correct answer: C. Tangible asset
- A. Current asset
- B. intangible asset
- C. Tangible asset
- D. Liquid asset
Explanation
Assets with a physical form, such as buildings, machinery and inventory, are tangible assets. Intangible assets, such as goodwill and patents, have no physical substance.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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