Intangible Assets Definition

Term Definition 
In business, an intangible asset is something of value which is not a physical object. An example is a patent.

Expanded Definition 
Intangible assets are items owned by a business which do not have a physical presence. These items cannot be touched or measured, but are still considered assets. Copyrights, patents, customer lists, goodwill and trademarks are examples. While accounting for intangible assets, they are recorded on a financial statement called a balance sheet.

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