Explain the meaning of the terms "tangible" and "intangible" and discuss how these terms are used in describing assets.
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Tangible assets have a physical presence; they can be seen and touched. In contrast, intangible assets have no physical form. Although they may be represented by physical documents, intangible assets are, in fact, rights or privileges. They cannot be seen or touched. Tangible assets include land, natural resources, and buildings. Intangible assets include copyrights, patents, and goodwill.
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