Answer: Option C
Explanation: In simple words, intangible assets refers to those assets of an organisation which do not have any physical existence but are still important for company operation. Goodwill and patents are some of the many examples of intangible assets.
Similar to tangible assets these are also recorded at their fair value with the reduction in value taken into consideration. However unlike tangible assets these assets are amortized or tested for impairment and not depreciated.
Amortization refers to reduction in value of an asset overtime due regular payments or due to any other such factors like loss etc.
