Question

As per the format of Balance sheet prescribed as per Schedule III of Companies act 2013, Intangible assets is shown under the heading of ______.
1. Other Non-current assets
2. Current assets
3. Fixed Assets
4. Miscellaneous Expenditure

Answer 1

Correct Answer - Option 3 : Fixed Assets

The correct answer is Fixed Assets

Fixed Assets: These assets are those assets of the business which are of permanent nature. These assets are expected to last more than one year. Fixed assets are assets that a business intends to utilize in the long run to create revenue.

Intangible assets: These are the assets of the business that do not have a physical existence.

These include the following:

• Goodwill
• Patents
• Trademarks
• Intellectual Property Rights
• Computer Software
• License
• Copyrights

As per Schedule III of Companies act 2013, Intangible assets are mentioned under the heading of Fixed Assets.