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

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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.

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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.

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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.

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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.

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Answer 5

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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

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Answer 10

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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

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

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