Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Financial Statements of a Company

Question:
Mining Rights come under which category of asset?
Options:
Intangible Fixed Assets
Tangible Fixed Assets
Capital Work-in-Progress.
Intangible Assets Under Development
Correct Answer:
Intangible Fixed Assets
Explanation:
Mining rights are the rights that a business acquires from the government to carry out the mining process. It is an asset for the business but does not have a physical existence. Therefore, they are considered Intangible Assets.