1. An intangible asset is a:

a. valuable fixed asset that has no physical existence.

b. physical fixed asset that loses value over time, such as equipment.

c. fully-depreciated fixed asset which has no remaining market value.

d. current asset with a negligible book value but considerable market value.

e. current asset with minimial market value and no physical existence.

2. A balance sheet is a financial statement that:

a. reports the cash flows of a firm as of a specified date.

b. reflects the firm's accounting value on a particular date.

c. records the revenues and expenses for a firm over a period of time.

d. reflects the market value of a firm as of the statement date.

e. reports the net income for a designated period of time based on the Generally Accepted Accounting Principles (GAAP).