Define long-lived assets. What are the two common categories of long-lived assets? Describe each.

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 9, Problem 1Q

Define long-lived assets. What are the two common categories of long-lived assets? Describe each.

Expert Solution & Answer

To determine

Explain the term long-lived assets and their two common categories.

Explanation of Solution

Long-lived assets: Long-lived assets refer to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities for generating revenue.

The two common categories of long-lived assets are as follows:

1. Tangible Assets: Tangible assets are the long-term assets used by the company, which have physical existence, and can be seen, touched and felt. Some of the examples of the tangible assets include plant, property, and land.

2. Intangible Assets: Intangible assets are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. These intangible assets represent rights. Some of the examples of the intangible assets include patent, trademark, goodwill, and copyrights.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Please explain this financial accounting problem by applying valid financial principles.

Please provide the accurate answer to this financial accounting problem using appropriate methods.

Can you help me solve this general accounting problem with the correct methodology?

Answer 2

Textbook Question

Chapter 9, Problem 1Q

Define long-lived assets. What are the two common categories of long-lived assets? Describe each.

Expert Solution & Answer

To determine

Explain the term long-lived assets and their two common categories.

Explanation of Solution

Long-lived assets: Long-lived assets refer to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities for generating revenue.

The two common categories of long-lived assets are as follows:

1. Tangible Assets: Tangible assets are the long-term assets used by the company, which have physical existence, and can be seen, touched and felt. Some of the examples of the tangible assets include plant, property, and land.

2. Intangible Assets: Intangible assets are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. These intangible assets represent rights. Some of the examples of the intangible assets include patent, trademark, goodwill, and copyrights.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 9, Problem 1Q

Define long-lived assets. What are the two common categories of long-lived assets? Describe each.

Expert Solution & Answer

To determine

Explain the term long-lived assets and their two common categories.

Explanation of Solution

Long-lived assets: Long-lived assets refer to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities for generating revenue.

The two common categories of long-lived assets are as follows:

1. Tangible Assets: Tangible assets are the long-term assets used by the company, which have physical existence, and can be seen, touched and felt. Some of the examples of the tangible assets include plant, property, and land.

2. Intangible Assets: Intangible assets are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. These intangible assets represent rights. Some of the examples of the intangible assets include patent, trademark, goodwill, and copyrights.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 9, Problem 1Q

Define long-lived assets. What are the two common categories of long-lived assets? Describe each.

Expert Solution & Answer

To determine

Explain the term long-lived assets and their two common categories.

Explanation of Solution

Long-lived assets: Long-lived assets refer to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities for generating revenue.

The two common categories of long-lived assets are as follows:

1. Tangible Assets: Tangible assets are the long-term assets used by the company, which have physical existence, and can be seen, touched and felt. Some of the examples of the tangible assets include plant, property, and land.

2. Intangible Assets: Intangible assets are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. These intangible assets represent rights. Some of the examples of the intangible assets include patent, trademark, goodwill, and copyrights.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Explain the term long-lived assets and their two common categories.

Explanation of Solution

Long-lived assets: Long-lived assets refer to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities for generating revenue.

The two common categories of long-lived assets are as follows:

1. Tangible Assets: Tangible assets are the long-term assets used by the company, which have physical existence, and can be seen, touched and felt. Some of the examples of the tangible assets include plant, property, and land.

2. Intangible Assets: Intangible assets are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. These intangible assets represent rights. Some of the examples of the intangible assets include patent, trademark, goodwill, and copyrights.

Answer 8

Expert Solution & Answer

To determine

Explain the term long-lived assets and their two common categories.

Explanation of Solution

Long-lived assets: Long-lived assets refer to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities for generating revenue.

The two common categories of long-lived assets are as follows:

1. Tangible Assets: Tangible assets are the long-term assets used by the company, which have physical existence, and can be seen, touched and felt. Some of the examples of the tangible assets include plant, property, and land.

2. Intangible Assets: Intangible assets are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. These intangible assets represent rights. Some of the examples of the intangible assets include patent, trademark, goodwill, and copyrights.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Explain the term long-lived assets and their two common categories.

Answer 12

Explanation of Solution

Long-lived assets: Long-lived assets refer to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities for generating revenue.

The two common categories of long-lived assets are as follows:

1. Tangible Assets: Tangible assets are the long-term assets used by the company, which have physical existence, and can be seen, touched and felt. Some of the examples of the tangible assets include plant, property, and land.

2. Intangible Assets: Intangible assets are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. These intangible assets represent rights. Some of the examples of the intangible assets include patent, trademark, goodwill, and copyrights.

Answer 13

Ch. 9 - Define long-lived assets. What are the two common...Ch. 9 - Under the cost principle, what amounts should be...Ch. 9 - What is the term for recording costs as assets...Ch. 9 - 4. Waste Management, Inc., regularly incurs costs...Ch. 9 - Distinguish between ordinary repairs and...Ch. 9 - Describe the relationship between the expense...Ch. 9 - Why are different depreciation methods allowed?Ch. 9 - In computing depreciation, three values must be...Ch. 9 - Prob. 9Q Ch. 9 - After merging with Northwest Airlines, Delta...

Define long-lived assets. What are the two common categories of long-lived assets? Describe each.

Concept explainers

Videos

Explanation of Solution

Want to see more full solutions like this?

Chapter 9 Solutions