Generally speaking in laymen's terms, if it's not something you could buy at a garage sale, then it's an intangible asset. An intangible isbasically something that exists on paper. For example,a movie's filmis tangible, but the rightsto the movie (distribution, reproduction, etc.)is something that exists only on paper.
In technical terms, it's a contract-based intangible asset.
FALSE
wording for promissory note with collateral
No....a promissory note is not valid without a consideration.
goodwill must be treated as tangible asset because it holds great value for the company. but analysts treat as an intangible asset .
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
Tangible assets are assets that have a physical presence. Examples might be a desk, a computer or a building. This is in contrast to intangible assets that cannot be held in your hand, like accounts receivable, a copyright, trademark, patent, trade secret, or product designs. Sometimes there can be a tangible embodiment of an intangible asset, such as a trademark registration certificate or a promissory note, but the underlying asset is still intangible.
FALSE
Tangible asset
Cash is a tangible asset. Unlike something without tangible substance such as goodwill, cash is a hard or a tangible asset.
wording for promissory note with collateral
Debit promissory noteCredit sale of asset
1)Tangible fixed asset 2)Intangible fixed asset 1)Tangible fixed asset 2)Intangible fixed asset
No....a promissory note is not valid without a consideration.
She signed a promissory note as a commitment to repay the loan on time.
No. A prepaid asset is an asset that May be Tangible or Intangible, but is not yet 'in service'. When it is acquired and in service, is when it may be determined if it is Tangible or Intangible.
They are not personally liable, except in the sense that the assets in the estate must be used to pay the promissory note. Thus there will that much less in the estate for them to inherit. If there are insufficient asset to pay the debt, then the holder of the note loses out on the amount that cannot be paid out of the estate.
Yes, CDs are considered a tangible, personal asset of the individual that owns it.