Financial

Accounting
Aimen Abbasi (147)
Iman shaffique
Rubab Malik (149)
 Intangible assets
a) Not physical in nature.
b) Includes patents, trade work, copyright, franchise, R&D and costs
and goodwill.
c) Exist in opposition to tangible assets.
Patents:
•  A patent is the exclusive, legal right to use a process or create and sell
a product for 20 years. 
• provides long-term value to the owning entity. 
• For e:g Honda motors, Phillips, Nokia, Intel.
 Trade mark:
• An intangible asset that is reported at cost (or lower) on the balance
sheet. It might consist of a name or a logo. Trade works should be
registered with the U.S. Patent and Trade Office.
• Coco Chanel is a perfect example  of a name that is a trade mark.
• The McDonalds golden arch is a classic example of a symbol of trade
mark.
• WIPO international Bureau.