Intangible (or cash convertible) assets are assets like cash and other resources that are reasonably expected to be realized in cash or sold or consumed in the business within one year or the operating cycle, whichever is longer. * True O False According to the basic accounting equation, if a company has a total asset of $120,000 and total equity of $75,500; the total liabilities of the company is equal to $195,500.* O True O False