Patent and Trade mark are classified under

Patent and Trademark are classified as intangible assets. Intangible assets are non-physical assets that have no intrinsic value but represent valuable rights and privileges that a business owns. These assets cannot be seen, touched or felt, but they can be legally protected and have value that can be estimated or measured. Patents are legal rights granted to inventors for new and useful inventions, while trademarks are unique names, symbols, logos or designs that identify and distinguish a company's products or services from those of competitors. Both patents and trademarks can be legally protected through registration with the relevant government agency. As intangible assets, patents and trademarks do not have physical substance, but they can still contribute significantly to the value and competitiveness of a business. In fact, the value of intangible assets like patents and trademarks can often exceed the value of a company's physical assets, such as buildings or equipment. Therefore, patents and trademarks are classified as intangible assets, along with other assets like copyrights, goodwill, and brand recognition.