5 min read

By Oladeji Showunmi

An asset is a resource that an individual, business, or corporation owns or controls with the expectation of generating a positive economic benefit. Current, non-current, physical, intangible, operating, and non-operating assets are examples of common asset types. Today, we will concentrate on intangible assets.

Goodwill: In accounting, goodwill is an intangible asset created when a buyer purchases an existing business. Goodwill is an asset that cannot be identified separately. Goodwill excludes identifiable assets that can be separated or divided from the entity and sold, transferred, licensed, rented, or exchanged, either separately or in conjunction with a related contract, identifiable asset, or liability, regardless of whether the entity intends to do so. Goodwill also excludes contractual or other legal rights, whether transferable or separable from the entity, as well as other rights and obligations.

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Skill: A skill is the learned ability to perform an action with predictable outcomes and good execution, often in a limited amount of time, energy, or both. Domain-general and domain-specific skills are frequently distinguished. In the domain of work, for example, some general skills would include time management, teamwork and leadership, self-motivation, and others, whereas domain-specific skills would only be used for a specific job. Skill usually necessitates the use of specific environmental stimuli and situations in order to assess the level of skill displayed and used.

Integrity: Integrity is the practice of being truthful and adhering to strong moral and ethical principles and values on a consistent and unwavering basis. Integrity is defined in ethics as the honesty, truthfulness, or accuracy of one’s actions. Integrity can be contrasted with hypocrisy in that judging with the standards of integrity entails viewing internal consistency as a virtue and suggests that parties who hold seemingly contradictory values within themselves should account for the discrepancy or change their beliefs.

Patent: A patent is a type of intellectual property that grants the owner the legal right to prevent others from making, using, or selling an invention for a set number of years in exchange for the publication of an enabling public disclosure of the invention.

Brand: A brand is a name, term, design, symbol, or other feature that distinguishes one seller’s product or service from those of other sellers’ products or services. Brands are used in business, marketing, and advertising to create and store value for the object identified as brand equity, thereby benefiting the brand’s customers, owners, and shareholders. Name brands are sometimes distinguished from generic or store brands.

Trademark: A trademark can be any word, phrase, symbol, design, or a combination of these things that identifies your goods or services. … A trademark is used for goods, while a service mark is used for services. A trademark: Identifies the source of your goods or services. Provides legal protection for your brand

Copyright: Copyright (or author’s right) is a legal term used to describe the rights that creators have over their literary and artistic works. Works covered by copyright range from books, music, paintings, sculpture, and films, to computer programs, databases, advertisements, maps, and technical drawings

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