PRC-1 · Chapter 1 · Question 86 of 100
'Pioneer Pharma' holds an exclusive patent for a new medical drug, granting them legal rights for 15 years. How is this patent classified in the statement of financial position?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Intangible Non-Current Asset
Explanation
A patent is an economic resource providing long-term benefits (over 1 year) but lacks physical substance, making it an intangible non-current asset.
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