Intangible assets are the rights and privileges that result from ownership of long-lived assets that
a. must be generated internally.
b. are depreciated over their useful life.
c. have been exchanged at a gain.
d. do not have physical substance.

Option “D” is correct because the intangible assets are those assets that do not have physical existence and a person can not touch it. For example, goodwill, patent, etc. While the tangible assets have physical existence and a person and touch it. For example, machinery, car, building, etc.

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Intangible assets are the rights and privileges that result from ownership of long-lived assets that a. must be generated internally. b. are depreciated over their useful life. c. have been exchanged at a gain. d. do not have physical substance.

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Intangible assets are the rights and privileges that result from ownership of long-lived assets that
a. must be generated internally.
b. are depreciated over their useful life.
c. have been exchanged at a gain.
d. do not have physical substance.