MGAB02H3 Chapter Notes - Chapter 9: Intangible Asset, Book Value, Fixed Asset

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16 May 2016
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Reporting and interpreting property, plant, and equipment; natural. Acquisition and maintenance of property, plant, and equipment. Long-lived (long-term or capital) assets tangible or intangible resources owned by a business and used in its operations to produce benefits over several years. Term is used to identify pp&e, and intangible properties held for various purposes. Long-lived assets are acquired, constructed, or developed for use on continuing basis: can be tangible or intangible. Tangible assets (fixed assets) can be touched because they have physical substance. This classification is most often called property, plant, and equipment: land. Reported on statement of financial position as separate item. Never depreciated, but may be impaired in value: buildings, fixtures, and equipment. Reported on statement of financial position or in notes as separate item: biological assets. Living plants or animals: natural resources. They have property ownership rights: copyrights, licenses, trademarks, software, franchises, and subscription lists.

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