Which of the following is an item of special assets?

Assessment: JAMB UTME - Principles of Accounts - 2012 Subject: Financial Accounting

Question 1 Report

Which of the following is an item of special assets?
Answer Details
A trademark is an item of special assets. A trademark is a unique symbol, design, or phrase that is used to identify a brand or product. It is a type of intangible asset, meaning that it has value but it is not a physical object. For example, the Nike swoosh or the Coca-Cola logo are trademarks that are valuable to the companies that own them. Fixed assets are physical objects such as buildings, machinery, and equipment that a company uses in its business operations. They are long-term assets that are not intended to be sold or consumed in the short term. Current assets are assets that are expected to be converted into cash or used up within one year. Examples of current assets include cash, accounts receivable, and inventory. Gratuity is a sum of money that an employer may choose to give to an employee as a token of appreciation for their service. It is not considered an asset because it is a liability, meaning that the employer has a legal obligation to pay it.
Read lesson note on Nature And Significance Of Accounting (JAMB)
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