Oregon Tax Consultants Practice Exam 2026 – Complete Study Resource

In the context of accounting and taxation, intangible assets are non-physical assets that provide long-term value to a company. Examples include patents, trade names, and copyrights, which represent legal rights or advantages that do not have a physical presence but can still provide economic benefits.

Land, on the other hand, is classified as a tangible asset because it has a physical form. Tangible assets are those that have a specific physical existence and can be touched or measured. Land is not only physically present, but it can also be bought, sold, improved, or developed, unlike intangible assets which inherently lack a physical form. Thus, in the classification of assets, land is distinctly categorized as tangible, making it the correct answer in this scenario.