Rationale for Correct Answer:Intangible assets are long-lived assets that lack physical substance and differ from property, plant, and equipment. Examples include goodwill, patents, trademarks, and copyrights. They provide long-term benefits but cannot be physically touched.
Analysis of Incorrect Options:
A. Tangible Assets – These have physical form (e.g., equipment, land).
C. Forced Assets – Not an accounting category.
D. None of the above – Incorrect since intangible assets match the definition.
Key Concept:Classification of Assets — tangible vs. intangible.
[Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts — Types of Assets., , ]
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