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Why receivables are considered to be tangible asset as they have no physical substance?
It is usually only non-current assets where we are bothered about whether they are tangible or intangible.
However although the word ‘tangible’ does mean touchable, and certainly does include assets with a physical substance, in accounting it also refers to assets that have a defined monetary value. Receivables have a defined monetary value (unlike, for example, patents which are intangible because they have no defined value).