Which of the following would be considered an intangible asset?

Goodwill is categorized as an intangible asset because it represents the premium a company pays for another company beyond the fair value of its tangible assets and liabilities during an acquisition. This can include factors such as brand reputation, customer relationships, and intellectual property that cannot be physically measured or owned in the same way as tangible assets.

Goodwill is recorded on the balance sheet under non-current assets, distinguishing itself from tangible assets like cash, inventory, and furniture, which have physical substance and can be easily quantified. While cash is a liquid asset, inventory consists of goods available for sale, and furniture is a physical asset, none of them encapsulate the non-physical value and perpetuity associated with goodwill. Thus, goodwill is the correct response as it exemplifies the concept of intangible assets in accounting.