Assets can be classified into intangible and tangible assets. Tangibles assets are those, which can be seen and are physically available while intangible assets can only be felt and they have no physical existence. Something that is intangible cannot be seen; however, it can be felt, realized or defined. Intangibles examples include Research and Development, Goodwill, Patents, Copyright, Franchise rights etc. An intangible asset is an identifiable, non- monetary asset without a physical value, which lasts a definite or an indefinite period of time. Goodwill is a prime example of an Intangible asset.

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