Intangible Assets

Intangible assets are non-physical assets that do not have a physical presence but have value due to their legal or intellectual property rights. They cannot be seen, touched, or felt, but they can be sold, licensed, or transferred.

Goodwill

Goodwill is an intangible asset that represents the value of a company's reputation, brand image, customer base, and other non-physical assets. It is generated through various factors such as customer loyalty, brand recognition, and the quality of products or services. Goodwill is recognized on the balance sheet when a company acquires another company for more than the fair value of its net assets.

Patent

A patent is an exclusive right granted to an inventor for a specific period to prevent others from making, using, or selling the invention without the patent owner's permission. It is an intangible asset that represents the value of the invention and its potential to generate income.

Trademark

A trademark is a symbol, design, word, or phrase used to identify and distinguish a company's products or services from its competitors. It is an intangible asset that represents the company's brand image and reputation.

Fictitious Asset

Fictitious assets are not real assets, and they do not represent any economic value. They are created when a company incurs expenses that cannot be recognized immediately, and they are written off over a period.

Conclusion

Based on the definition of intangible assets and fictitious assets, it is clear that goodwill, patent, and trademark are intangible assets, not fictitious assets. Therefore, the answer given in the BCom entrance exam book is incorrect.

According to me Good Will , patent , trademark is a intangible assets but we become in entrance exam book it is given fictious asset. So, I think it's tangible and intangible assets both and it's depend on the situation of a question.