Assets are resources which are owned by an organization to generate future benefits. For example a manufacturing company buys machine to produce goods and earn profits by selling them. Assets are classified into different categories as per their nature and usage, for example machinery is classified under property, plant, and equipment category. To indicate: The list of four categories of intangible assets and four types of property, plant and equipment transactions.

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Chapter 14, Problem 14.6RQ

To determine

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Assets are resources which are owned by an organization to generate future benefits. For example a manufacturing company buys machine to produce goods and earn profits by selling them. Assets are classified into different categories as per their nature and usage, for example machinery is classified under property, plant, and equipment category.

To indicate: The list of four categories of intangible assets and four types of property, plant and equipment transactions.

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