(sÄt) v. set, setÂ·ting, sets. v.tr. 1. To put in a specified position or arrangement; place: set a book on a table; set the photo next to the flowers. 2. a. To put into a specified state: set the prisoner at liberty; set the house ablaze; set the machine in motion.
Intangible asset. An intangible asset is an asset that lacks physical substance (unlike physical assets such as machinery and buildings) and usually is very hard to evaluate. It includes patents, copyrights, franchises, goodwill, trademarks, trade names, the general interpretation also includes software and other intangible computer based assets.
Current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place.n the financial accounting sense of the term, it is not necessary to be able to legally enforce the asset's benefit for qualifying a resource as being an asset, provided the entity can control its use by other means. The accounting equation is the mathematical structure of the balance sheet.