from a financial reporting perspective, property, plant, and equipment and intangible assets exhibit the following characteristics (select all that apply.) multiple select question. short-lived valued at fair value long-lived revenue-producing

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21-10-2022
Business

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from a financial reporting perspective, property, plant, and equipment and intangible assets exhibit the following characteristics (select all that apply.) multiple select question. short-lived valued at fair value long-lived revenue-producing

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-10-25T03:11:10-04:00

From a financial reporting perspective, property, plant, and equipment and intangible assets exhibit the following characteristics: 1. Long lived 2. revenue producing.

Assets with a long lifespan, also known as non-current or long-term assets, are those that are anticipated to generate income over the long term—generally more than a year. Long-lasting assets might be material, immaterial, or financial in nature. Identifying the cost of an asset at acquisition is the first challenge in accounting for long-lived assets.

Most long-lived assets have their costs capitalized and subsequently allocated as expenditures in the profit or loss statement over the time that they are anticipated to generate revenue.

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