WAEC - Accounts Principles Of Accounts (2016 - No. 2)
Every asset should have
a non-monetary value
tangible and intangible qualities
monetary cost and future benefit
an inadequate monetary value
Explanation
Tangible assets are physical in nature that can be either long-term or short-termassets. Intangible assets are long-term assets that are not physical, but rather, intellectual property. Both tangible and intangible assets are recorded on the balance sheet.
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