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(Solved): 1. Describe the features of an Intangible Asset and how they are recorded in the financial stateme ...
1. Describe the features of an Intangible Asset and how they are recorded in the financial statements.(3 marks) 2. Discuss three different ways the Assets or Liabilities of a Company could be valued by management in the annual report that is distributed to Shareholders. (3 marks) 3. Using examples, explain the difference between a Provision and a Contingent Liability and indicate where they are shown in the financial reports.(3 marks) 4. Explain the major characteristics of the Conceptual Framework in Accounting. (3 marks)
Expert Answer
Question 1: Intangible assets means those assets which meets the definition of an asset and cannot be seen or touched that means they don't have any physical form. Examples of intangible assets are goodwill, patent rights, intellectual properties etc