AFM231 Lecture Notes - Lecture 17: Personal Property, Intangible Property, Tangible Property

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Darren Charters

Document Summary

Intangible property: personal property, the value of which comes from legal rights (ex insurance policies, accounts receivable, bank accounts, etc). Acquiring property rights: to acquire property usually must establish ownership, through purchase or lease, purchase a good. Example the copyright included in a book to prohibit others from copying or modifying the work in question: right to possess and use: ownership sometimes rests with one party while the right of possession rests with someone else. Essentially the nature of a lease which results in one party owning the property while someone else ahs the right to possess that property for a period of time. License can also be used as consent given by the owner of rights to someone to do something that only the owner can actually do: right to transfer or dispose: selling the property to someone else.