What are patents, trademarks, and copyrights that hold value but lack any physical presence termed?

Patents, trademarks, and copyrights are classified as intangible assets because they represent legal rights or privileges that do not have a physical form but still hold significant value in the marketplace. These assets contribute to a company's competitive advantage and can generate revenue through their usage.

Intangible assets differ from tangible assets, which are physical items like machinery and buildings. They also contrast with fixed assets, which are long-term assets used in the operation of a business but primarily include tangible items. Current liabilities refer to obligations that a company must settle within a year, which is unrelated to the nature of assets. Thus, the designation of patents, trademarks, and copyrights as intangible assets accurately captures their economic significance and lack of physical presence.