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WAEC Financial Accounting 1994 Question 45

Question 45

Final Accounts of a Sole Trader

Patent and Trade Mark are classified under

  1. A.fixed assets
  2. B.current assets
  3. C.intangible assets
  4. D.wasting assets
  5. E.investments.
Show the answer and explanation

Answer: C (intangible assets)

Explanation

Patents and trade marks have no physical form: intangible assets.