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Chapter 10: Long-Term Assets
L01 Types of Long-Term Assets and Issues Related to Accounting for them
Long-Term Assets:
o Useful life > 1
o Used in operations
o Not for sale
Carrying Value or Book Value (vs. basis)
Asset Impairment
o Occurs when future cash flow (w/o discount) < carrying value
o Reduce carrying value to present value for future cash flows
Tangible Asset
