Multiple Choice
Which of the following is a characteristic of a permanent account?
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1. Introduction to Accounting
Types of Accounting
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Which of the following would be classified as a tangible asset?
A
Goodwill
B
Patent
C
Machinery
D
Trademark
Verified step by step guidance1
Step 1: Understand the concept of tangible assets. Tangible assets are physical assets that can be touched and have a measurable value, such as machinery, buildings, or inventory.
Step 2: Review the options provided in the problem. The options include Goodwill, Patent, Machinery, and Trademark.
Step 3: Identify which of the options are intangible assets. Intangible assets are non-physical assets, such as Goodwill, Patents, and Trademarks, which represent intellectual property or brand value.
Step 4: Recognize that Machinery is a physical asset that can be touched and used in operations, making it a tangible asset.
Step 5: Conclude that Machinery is the correct classification as a tangible asset based on its physical nature and measurable value.
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