What is an intangible asset? Provide some examples

Intangible assets are defined as assets that do not have any physical form. Rather, these assets convey special rights from patents, copyrights, etc.

The examples of intangible assets are as follows:

1. Patents: It is an intangible asset. For example, federal government conveying grant an exclusive 20-year right to produce and sell an invention
2. Copyright and trademarks: Copyright gives a right to reproduce and sell a book, music or intellectual property, or work of art. Trademarks
3. Goodwill: In accounting terms, goodwill refers to an excess of the cost to purchase another company over the market value of its net assets.
4. Franchises and Licenses: Franchises are the privileges granted by a business to sell their goods or services under some specified conditions. Licenses are the privileges granted by the customers to use the public property in performing services.