What are intangible assets?

Intangible assets are defined as non-physical assets that represent a legal rights or competitive advantages, such as patents, trademarks, copyrights, and goodwill. These assets cannot be seen or touched, which differentiates them from tangible assets like buildings and machinery. The value of intangible assets often comes from the future economic benefits they can provide, rather than their physical form. This makes option B the correct answer, as it accurately identifies intangible assets as those that exist in a non-physical sense and have value to a company. Understanding intangible assets is crucial for assessing a company's total value and financial health, as they can significantly impact a business's competitive standing and potential for growth.