Examples of intangible assets are patents, trademarks, copyrights, and goodwill Intangible assets lack physical substance but often have value and legal rights and protections, and therefore are still assets to the firm

Costs incurred to purchase an asset that will be used in the day-to-day operations of the business will be capitalized and then depreciated over the useful life of that asset Costs incurred to purchase an asset that will not be used in the day-to-day operations, but was purchased for investment purposes, will be considered an investment asset

long-term asset — asset used ongoing in the normal course of business for more than one year that is not intended to be resold. investment — short-term and long-term asset that is not used in the day-to-day operations of the business. useful life — time period over which an asset cost is allocated. goodwill — value of certain favorable factors that a business possesses that allows it to generate a greater rate of return or profit; includes price paid for an acquired company above the….